Document:

Exhibit 10.2

 

IRREVOCABLE TRUST FOR THE

DIRECTOR DEFERRED COMPENSATION PLAN

(A Rabbi Trust with model language of
IRS Rev. Proc. 92-64)

 

THIS IRREVOCABLE
TRUST FOR THE DIRECTOR DEFERRED COMPENSATION PLAN ("TRUST") is made this 28th day of September, 2012, by and between
MBT Financial Corp. (“MBT”), Grantor and the Wealth Management Group of Monroe Bank & Trust, (“Trustee”),
Trustee.

 

WHEREAS, MBT
has adopted a nonqualified deferred compensation plan, titled the "Director Deferred Compensation Plan" ("Plan"),
for its directors, and;

 

WHEREAS, MBT
has incurred or expects to incur liability under the terms of such Plan with respect to the individual(s) participating in such
Plan; and

 

WHEREAS, MBT
wishes to establish a Trust and to contribute to the Trust assets that shall be held therein, subject to the claims of MBT’s
creditors in the event of MBT’s insolvency, as herein defined, until paid to Plan participants and their beneficiaries in
such manner and at such times as specified in the Plan; and

 

WHEREAS, it
is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the
Plan as an unfunded plan maintained for the purpose of providing deferred compensation for such of MBT’s directors who participate
for purposes of Title I of the Employee Retirement Income Security Act of 1974; and

 

WHEREAS, it
is the intention of MBT to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting
of its liabilities under the Plan;

 

NOW, THEREFORE,
the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and disposed of as follows:

 

Section 1. Establishment of Trust

 

A. MBT hereby deposits with Trustee in
trust, shares of MBT Financial Corp. common stock and/or cash, which shall become the principal of the Trust to be held, administered
and disposed of by Trustee as provided in this Trust Agreement.

 

B. The Trust hereby established shall be
irrevocable.

 

C. The Trust is intended to be a grantor
trust, of which MBT is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal
Revenue Code of 1986, as amended, and shall be construed accordingly.

 

D. The principal of the Trust and any earnings
thereon shall be held separate and apart from other funds of MBT and shall be used exclusively for the uses and purposes of Plan
participants and general creditors as herein set forth. Plan participants and their beneficiaries shall have no preferred claim
on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement
shall be mere unsecured contractual rights of Plan participants and their beneficiaries against MBT. Any assets held by the Trust
will be subject to the claims of MBT’s general creditors under federal and state law in the event of Insolvency, as defined
in Section 3, A herein.

 

    	 

    	 

    
 

 

E. MBT, in its sole discretion, may at
any time, or from time to time, make additional deposits of cash or other property in trust with Trustee to augment the principal
to be held, administered and disposed of by Trustee as provided in this Trust Agreement. Neither Trustee nor any Plan participant
or beneficiary shall have any right to compel such additional deposit.

 

 

Section 2. Payments to Plan Participants
and Their Beneficiaries.

 

A. MBT shall deliver to Trustee a schedule
(the “Payment Schedule”) that indicates the amounts payable in respect to each Plan participant (and his or her beneficiaries),
that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such
amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts. Except
as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such
Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that
may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts
withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by MBT.

 

B. The entitlement of a Plan participant
or his or her beneficiaries to benefits under the Plan shall be determined by MBT or such party as it shall designate under the
Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan.

 

C. MBT may make payment of benefits directly
to Plan participants or their beneficiaries as they become due under the terms of the Plan. MBT shall notify Trustee of its decision
to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition,
if the principal of the Trust and any earnings thereon, are not sufficient to make payments of benefits in accordance with the
terms of the Plan, MBT shall make the balance of each such payment as it falls due. Trustee shall notify MBT where principal and
earnings are not sufficient.

 

Section 3. Trustee Responsibility Regarding
Payments to Trust Beneficiary When MBT Is Insolvent.

 

A. Trustee shall cease payment of benefits
to Plan participants and their beneficiaries if MBT is Insolvent. MBT shall be considered “Insolvent” for purposes
of this Trust Agreement if (i) MBT is unable to pay its debts as they become due, or (ii) MBT is subject to a pending proceeding
as a debtor under the United States Bankruptcy Code.

 

B. At all times during the continuance
of this Trust, as provided in Section 1, D hereof, the principal and income of the Trust shall be subject to claims of general
creditors of MBT under federal and state law as set forth below.

 

1. The Board of Directors and Chief
Executive Officer of MBT shall have the duty to inform Trustee in writing of MBT’s insolvency. If a person claiming to be
a creditor of MBT alleges in writing to Trustee that MBT has become Insolvent, Trustee shall determine whether MBT is Insolvent
and, pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries.

 

    	 

    	 

    
 

 

2. Unless Trustee has actual knowledge
of MBT’s Insolvency, or has received notice from MBT or a person claiming to be a creditor alleging that MBT is Insolvent,
Trustee shall have no duty to inquire whether MBT is Insolvent. Trustee may in all events rely on such evidence concerning MBT’s
solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning
MBT’s solvency.

 

3. If at any time Trustee has determined
that MBT is Insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets
of the Trust for the benefit of MBT’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights
of Plan participants or their beneficiaries to pursue their rights as general creditors of MBT with respect to benefits due under
the Plan or otherwise.

 

4. Trustee shall resume the payment
of benefits to Plan participants or their beneficiaries in accordance with Section 2 of this Trust only after Trustee has determined
that the Company is not Insolvent (or is no longer insolvent).

 

C. Provided that there are sufficient assets,
if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3, B hereof and subsequently resumes such payments,
the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or
their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments
made to Plan participants or their beneficiaries by MBT in lieu of payments provided for hereunder during any such period of discontinuance.

 

Section 4. Investment Authority.

 

A. MBT shall execute an Investment Policy
Statement which shall set forth the parameters of Trustee’s authority and investment options.

 

B. Trustee may invest in securities (including
common stock) or obligations issued by MBT. All rights associated with assets of the Trust shall be exercised by Trustee or the
person designated by Trustee, and shall in no event be exercisable by or rest with Plan participants.

 

C. MBT shall have the right at anytime,
and from time to time in its sole discretion, to substitute assets of equal fair market value for any asset held by the Trust.
This right is exercisable by MBT in a nonfiduciary capacity without approval or consent of any person in a fiduciary capacity.

 

 

Section 5. Disposition of Income.

 

During the term of this Trust, all income
received by the Trust, net of expenses and taxes, shall be accumulated and reinvested.

 

    	 

    	 

    

 

Section 6. Resignation or Removal of
Trustee.

 

A. The Trustee may resign at any time by
written notice to the Company, which shall be effective 30 days after receipt of such notice unless the Company and the Trustee
agree otherwise. The Company may remove the Trustee on 10 days notice or upon shorter notice accepted by the Trustee.

 

B. Upon resignation or removal of Trustee
and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. The transfer shall
be completed within 30 days after receipt of notice of resignation, removal or transfer, unless MBT extends the time limit.

 

C. If Trustee resigns or is removed, a
successor shall be appointed, in accordance with paragraph D, hereof, by the effective date of resignation or removal under paragraph
D, of this section. If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment
of a successor or for instructions. All expenses of Trustee in connection with the proceeding shall be allowed as administrative
expenses of the Trust.

 

D. If Trustee resigns or is removed, MBT
may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under
state law, as a successor to replace Trustee upon resignation or removal. The appointment shall be effective when accepted in writing
by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust
assets. The former Trustee shall execute any instrument necessary or reasonably requested by MBT or the successor Trustee to evidence
transfer.

 

 

Section 7. Amendment or Termination.

 

A. This Trust may be amended by a written
instrument executed by Trustee and MBT. Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plan
or shall make the Trust revocable.

 

B. The Trust shall not terminate until
the date on which Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan.
Upon termination of the Trust any assets remaining in the Trust shall be returned to MBT.

 

 

Section 8. Miscellaneous.

 

A. Any provision of this Trust Agreement
prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof.

 

B. Benefits payable to Plan participants
and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged,
encumbered or subjected to attachment , garnishment, levy, execution or other legal or equitable process.

 

C. This Trust Agreement shall be governed
by and construed in accordance with the laws of the state of Michigan.

 

    	 

    	 

    
 

 

This Trust Agreement shall be effective
as of the date first above written.

 

	MBT Financial Corp.	 	 	Monroe Bank &
Trust	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ H. Douglas Chaffin	 	 	/s/
Scott E. McKelvey	 
	By: H. Douglas Chaffin	 	 	By: Scott E.
McKelvey	 
	Its: President and

       Chief Executive Officer	 	 	Its: Executive Vice
President, 

       Senior Wealth Management OfficerEmployment Agreement

 

This Personal Employment Agreement (the
“Agreement”) is entered as of this 8th day of July, 2012 (the “Effective Date”),
by and between MEDGENICS, INC., a company organized under the laws of the State of Delaware (the “Company”)
with principal U.S. offices located at 555 California Avenue, Suite 365, San Francisco, California 94104; and DR. MARVIN R.
GAROVOY, whose address is 9 Dutch Valley Lane, San Anselmo, California 94960-1015 (the “Executive”).

 

WITNESSETH

 

 

 

		WHEREAS,	the Company was established for the purpose of engaging
in the research and development, production and sale of products and/or services in the areas of life sciences, biotechnology
and/or medical devices; and

 

		WHEREAS,	the Company desires to engage the Executive as Chief Medical
Officer; and

 

		WHEREAS,	the Executive represents that he has the requisite skill
and knowledge to serve as such; and

 

		WHEREAS,	the parties desire to state the terms and conditions of
the Executive’s engagement by the Company, effective as of the Effective Date, as set forth below.

 

NOW THEREFORE, in
consideration of the mutual promises, covenants, conditions, representations and warranties set forth herein, and intending
to be legally bound hereby, the parties agree as follows:

 

 

1.            Appointment; Term

		1.1	The Company hereby appoints the Executive as Chief Medical Officer of the Company and, in such
capacity, the Executive shall be subject to the direction of the Company’s Chief Operating Officer (the “COO”).

 

    	 

    	 	

    

 

		1.2	The Executive’s employment hereunder shall be for a term of one (1) year commencing the Effective
Date (the “Term”). The Term shall automatically extend for one (1) additional year on each subsequent anniversary
of the Effective Date (the “Automatic Extension”), unless either party provides sixty (60) days advance written
notice to the other of such party’s desire not to renew. If the Automatic Extension is terminated, then Executive’s
employment hereunder shall terminate as of the last day of the then current Term, subject to earlier termination pursuant to Section
7 below.

 

 

2.           Position

During
the term of this Agreement:

		2.1	The Executive shall be expected to work on average approximately 80% of an average work week of
an executive in a similar position with a public company of similar size and nature as the Company. The Executive understands and
agrees that his duties may require that he work more than 80% of an average work week, but that he shall not be entitled to any
over-time pay as a result of any additional hours worked. During the period that the Executive is working on a part-time basis
for the Company, the Executive may be employed by or provide services to other entities upon written approval of the COO, provided
that such entities are not competitive with the Company.

 

		2.2	The Executive shall be responsible for coordinating the execution of the medical/ clinical aspects
of the Company’s business plan, as adopted by the Company’s Board of Directors (the “Board”), and
providing scientific assistance as required, in cooperation and coordination with the COO and other members of management.

 

		2.3	The duties, responsibilities, authority and position of the Executive and the organizational structures
implicit in them may be changed by the Company from time to time, as the COO or the Board deems necessary, and reasonable efforts
to work with and accommodate the Executive with such changes will be made; however, the Company retains the right of sole discretion
to make such changes.

 

		2.4	The Executive undertakes to notify the Company, immediately and without delay, of any interest
or matter in respect of which he ‎may have a personal interest or is likely to create a conflict of interest with his role
in the Company.

 

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		2.5	In the performance of the Executive’s duties under this Agreement, the Executive shall adhere
to such employment standards, ethical practices and standards of care and competence as are customary for employees holding similar
positions with employers similar to the Company.

 

 

3.            Place of Work

In connection with the Executive’s
employment by the Company, the Executive shall be based at the current principal U.S. offices of the Company in San Francisco,
California, or at such other place as is otherwise appropriate to the functions being performed by the Company. Because the majority
of the Company’s business is currently located in Israel, the Executive acknowledges that the performance of his duties hereunder
may require domestic or international travel.

 

4.           Salary;
Bonus

		4.1	The Company shall pay the Executive as compensation for the employment services hereunder an annual
gross salary of $280,000 (payable in bi-weekly installments on the 15th and last day of each calendar month), during
the term of the Executive’s engagement hereunder (the “Salary”). Salary and all other compensation payable
to the Executive shall be paid minus required payroll withholdings and deductions for federal, state and local income, FICA, unemployment
compensation, disability and other similar taxes or assessments.
	 	 	 

		4.2	The Salary and additional benefits to which the Executive shall be entitled hereunder (including
bonuses) shall be reviewed by the Compensation Committee of the Board on an annual basis; and, in the discretion of the Compensation
Committee, the Executive’s Salary may be adjusted and/or additional benefits shall be granted to the Executive hereunder.
	 	 	 

		4.3	The Executive shall be eligible to receive
an annual cash bonus with respect to each fiscal year of the Company during the Term of up to an amount equal to five percent (5%)
of Salary on an annualized basis, as determined by the Compensation Committee of the Board, in its sole discretion, which shall
be based upon objective and subjective corporate and personal performance criteria as established by the Chairman and the Compensation
Committee of the Board (the “Goal Bonus”). If awarded, the Goal Bonus shall be payable at such time as bonuses
similar to Goal Bonus are paid to other members of management.

 

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5.           Benefits

		5.1	The Executive shall be entitled to be reimbursed for all normal, usual and necessary actual business
expenses arising out of travel, lodging, meals and entertainment whether in the U.S. or abroad, provided Executive provides proper
documentation and provided further that such business expenses are within an expense policy approved by the Board.

 

		5.2	The Executive shall be entitled, in addition to U.S. public holidays, to twenty (20) days of paid
time off (“PTO Days”) per calendar year, prorated for any partial year and ratably accrued with each pay period.
A maximum of one year’s entitlement to PTO Days may be accumulated if unused, beyond which any PTO Days will be forfeited
by the Executive if not utilized during the year in which they are allocated.

 

		5.3	The Executive shall be entitled to participate in all senior manager employee benefit plans or
programs of the Company for employees located in the United States, whether now offered or offered at any time during the term
of this Agreement, including any medical, dental, dependent coverage, disability, retirement, pension or 401(k) plans and sick
leave, to the extent Executive is eligible therefor. The Company, in its sole and absolute discretion, may discontinue, reduce
or otherwise change any benefit now or hereafter offered to its work force or senior managers.

 

		5.4	The Executive shall be granted options to purchase up to 20,000 shares of the Company’s common
stock pursuant to the Company’s Stock Incentive Plan, as the same may be amended. Such options shall vest in four (4) equal
annual installments, with options to purchase the first 5,000 shares vesting upon the first anniversary of the Effective Date.
Such options shall have a ten-year term and an exercise price of $14.50 per share and shall be subject to the terms and conditions
of the Company’s Stock Incentive Plan, as the same may be amended, and pursuant to the standard form of option agreement
which the Company may use.

 

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		5.5	Any tax liability in connection with any of the benefits provided to the Executive, including the
options (including with respect to the grant, exercise, sale of the options or the shares receivable upon their exercise) shall
be borne solely by the Executive.

 

 

6.           Termination

		6.1	Voluntary Termination – The Company and the Executive shall each have the right to terminate
this Agreement for any reason by giving the other party at least thirty (30) days advance written notice of the effective date
of termination.

 

		6.2	Termination With Cause – The Company may terminate the Executive’s employment immediately
upon written notice for cause. For purposes of this Agreement, termination for “cause” shall mean and include: (a)
conviction of a felony involving moral turpitude or affecting the Company or its subsidiaries; (b) any refusal to carry out a reasonable
directive of the COO or the Board which involves the business of the Company or its subsidiaries and was capable of being lawfully
performed; (c) embezzlement of funds of the Company or its subsidiaries; (d) any breach of the Executive’s fiduciary duties
or duties of care to the Company (except for conduct taken in good faith); (e) any breach of this Agreement by the Executive and
the failure to cure the same to the satisfaction of the Company within fifteen days of written notice from the Company specifying
in reasonable detail such breach; or (f) any conduct (other than in good faith) materially detrimental to the Company or its subsidiaries,
including, but not limited to, sexual harassment and violence.

 

		6.3	Termination Upon Death or Disability - The Company may terminate the Executive’s employment
immediately upon the death of the Executive or after having established the Executive’s disability. For purposes of this
Agreement, “disability” means a physical or mental infirmity that impairs the Executive’s ability to substantially
perform his duties under the Agreement that continues for a period of at least ninety (90) consecutive days.

 

		6.4	Except as otherwise provided in Section 6.5 below, on the effective date of termination, the Executive,
or his estate in the case of death, shall be paid all wages and benefits through the effective date of termination and thereafter
all obligations of the Company under this Agreement shall cease. Upon termination, the Executive shall remain bound by specific
obligations set forth in this Agreement, as indicated in the applicable Sections of this Agreement. From and after the delivery
of a notice of termination by either the Executive or the Company, the Executive shall, at the Company’s request, cooperate
with the Company and use his best efforts to assist in the integration into the Company’s organization the person or persons
who will assume the Executive’s responsibilities.

 

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		6.5	Severance – In the event that the Company terminates the Executive without cause (as defined
in Section 6.2), the Company shall continue to pay Salary (as and when provided in Section 4.1) to the Executive for the period
ending six (6) months after the effective date of such termination (the “Severance Period”) as severance. The
Executive shall not be entitled to any other benefits set forth in Articles 4 or 5 during the Severance Period.

 

 

7.            Proprietary Information

		7.1	The Executive acknowledges and agrees that he may have access to confidential and/or proprietary
information concerning the business and financial activities of the Company and information and technology regarding the Company’s
product research and development, including, without limitation, the Company’s banking, investments, investors, properties,
employees, marketing plans, customers, trade secrets, and test results, processes, data and know-how, improvements, inventions,
techniques and products (actual or planned). Such information, whether documentary, written, oral or computer generated, even if
not patentable, or not protectable or protected by copyright laws, shall
be deemed to be and is referred to as “Proprietary Information”.
	 	 	 

		7.2	Proprietary Information shall be deemed to include any and all proprietary information disclosed
by or on behalf of the Company and irrespective of form, but excluding information that (a) was known to the Executive prior to
his association with the Company and can be so proven; (b) shall have become a part of the public domain except as a result of
a breach of this Agreement by the Executive; or (c) shall have been received by the Executive from a third party having no obligation
to the Company.

 

		7.3	The Executive agrees and declares that all Proprietary Information, patents and other rights in
connection therewith shall be the sole property of the Company and its assigns. At all times, both during and after the termination
of his employment with the Company for any reason, the Executive will keep in strict confidence and trust all Proprietary Information,
and the Executive will not use, disclose or provide access to any Proprietary Information or anything relating to it without the
written consent of the Board.

 

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		7.4	Upon termination of his employment with the Company, the Executive will promptly deliver to the
Company all documents and materials of any nature pertaining to his work with the Company, and he will not take with him any documents
or materials or copies thereof containing any Proprietary Information.

 

		7.5	The Executive recognizes that the Company has received and may receive confidential or proprietary
information from third parties subject to a duty on the Company’s part to maintain the confidentiality of such information
and to use it only for certain limited purposes. At all times, both during his employment with the Company and for a period of
three (3) years after the effective date of termination of his employment with the Company for any reason, the Executive undertakes
to keep and hold all such information in strict confidence and trust, and he will not use, disclose or provide access to any of
such information without the prior written consent of the Board, except as may be necessary to perform his duties as an employee
of the Company and consistent with the Company’s agreement with such third party. Upon termination of his employment with
the Company, the Executive shall act with respect to such information as set forth in Section 7.4, mutatis mutandis.

 

		7.6	The Executive acknowledges that (i) in his relationship with the Company he may have access to
material, non-public inside information about the Company, and (ii) the Company is a public company with securities listed and
traded on the NYSE MKT and on the AIM Market operated by the London Stock Exchange. The Executive agrees that he is subject to
and shall comply with all laws, rules and regulations, applicable to trading in Company stock, including those prohibiting trading
on material, non-public inside information. In addition, the Executive agrees to comply with the Company’s Code of Business
Conduct and Ethics and such other codes or policies of conduct as may be adopted or amended by the Board.

 

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		7.7	The Executive’s undertakings in this Section 7 shall remain in full force and effect after
termination of this Agreement or any extension hereof.

 

 

8.           Disclosure and Assignment of
Inventions

		8.1	The Executive understands that the Company is engaged in a continuous program of research, development,
production and marketing in connection with its business and that, as an essential part of his employment with the Company, he
is expected to make new contributions to and create inventions of value for the Company. Executive agrees to share with the Company
all his knowledge and experience, provided however that Executive shall not disclose to the Company any information which Executive
has undertaken to third parties to keep confidential or in which third parties have any rights.

 

		8.2	As of the Effective Date of this Agreement, the Executive undertakes and covenants that he will
promptly disclose in confidence to the Company all inventions, improvements, designs, original works of authorship, formulas, concepts,
techniques, methods, systems, processes, compositions of matter, computer software programs, databases, mask works, and trade secrets,
related to the Company’s business or current or anticipated research and development, whether or not patentable, copyrightable
or protectible as trade secrets, that are made or conceived or first reduced to practice or created by him, either alone or jointly
with others, during the period of his employment, whether or not in the course of his employment (“Inventions”).

 

		8.3	The Executive agrees that all Inventions that (a) are developed using equipment, supplies, facilities
or Proprietary Information of the Company, (b) result from work performed by him for the Company, or (c) relate to the Company’s
business or current or anticipated research and development, will be the sole and exclusive property of the Company (“Company
Inventions”).

 

		8.4	The Executive  agrees with the Company that all Company Inventions and all products developed
or derived therefrom are and shall be owned exclusively by the Company, and the Executive shall have no rights in or to such Company
Inventions.  The Executive hereby irrevocably transfers and assigns to the Company: all right, title and interest in and to
(a) the Company Inventions, including all worldwide patent rights (including patent applications and disclosures), copyright rights,
mask work rights, trade secret rights, know-how, and any and all other intellectual property or proprietary rights (collectively,
“Intellectual Property Rights”) therein, and (b) any and all “Moral Rights” (as defined below) that
he may have in or with respect to any Company Invention. To the extent applicable, all copyrightable works shall be considered
works made for hire owned exclusively by the Company. The Executive also hereby forever waives and agrees never to assert any and
all Moral Rights he may have in or with respect to any Company Invention, even after termination of his work on behalf of the Company.
“Moral Rights” mean any rights of paternity or integrity, any right to claim authorship of an invention, to
object to any distortion, mutilation or other modification of, or other derogatory action in relation to, any invention, whether
or not such would be prejudicial to his honor or reputation, and any similar right, existing under judicial or statutory law of
any country in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to
as a “moral right”, in all cases. The Executive will not file any patent applications for Company Inventions other
than in the name of the Company (other than such patent applications which are required by law to be filed by such Executive but
which shall immediately thereafter be assigned for no or nominal consideration to the Company).

 

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		8.5	To the extent that the Executive owns or controls (presently or in the future) any patent rights,
copyright rights, mask work rights, trade secret rights, or any other intellectual property or proprietary rights that block or
interfere with the rights assigned to the Company under this Agreement (collectively, “Related Rights”), the
Executive hereby grants or will cause to be granted to the Company a non-exclusive, royalty-free, irrevocable, perpetual, transferable,
worldwide license (with the right to sublicense) to make, have made, use, offer to sell, sell, import, copy, modify, create derivative
works based upon, distribute, sublicense, display, perform and transmit any products, software, hardware, methods or materials
of any kind that are covered by such Related Rights, to the extent necessary to enable the Company to exercise all of the rights
assigned to the Company under this Agreement.
	 	 	 

		8.6	The Executive agrees to assist the Company in every proper way to obtain for the Company and enforce
patents, copyrights, mask work rights, and other legal protections for the Company’s Inventions in any and all countries.
The Executive agrees to execute any documents that the Company may reasonably request for use in obtaining or enforcing such patents,
copyrights, mask work rights, trade secrets and other legal protections. The Executive’s obligations under this Section 8.6
will continue beyond the termination of his employment with the Company, provided that the Company will compensate him at a reasonable
rate after such termination for time or expenses actually spent by him at the Company’s request on such assistance. The Executive
hereby irrevocably appoints the CEO of the Company, including future CEO’s or corresponding officers of the Company or successor
companies, as his attorney-in-fact to execute documents on his behalf for this purpose. 
	 	 	 

		8.7	The Executive’s undertakings in this Section 8 shall remain in full force and effect after
termination of this Agreement or any extension hereof.

 

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9.            Non-Solicitation

		9.1	The Executive agrees and undertakes that during the period of his employment and for a period of
twelve (12) months following termination of his employment with the Company for any reason, he will not, directly or indirectly,
including personally or in any business in which he is an officer, director or shareholder, for any purpose or in any place, solicit,
assist in soliciting or employ any person employed by the Company or retained by the Company as a consultant, or any customer or
supplier of the Company, on the date of such termination or during the five months preceding such termination.

 

		9.2	If any one or more of the terms contained in this Section 9 shall for any reason be held to be
excessively broad with regard to time, geographic scope or activity, the term shall be construed in a manner to enable it to be
enforced to the extent compatible with applicable law.
	 	 	 

		9.3	The Executive’s undertakings in this Section 9 shall remain in full force and effect after
termination of this Agreement or any extension hereof.

 

 

10.         Mutual Representations

		10.1	The Executive represents and warrants to the Company that the execution and delivery of this Agreement
and the fulfillment of the terms hereof (a) will not constitute a default under or conflict with any agreement or other instrument
to which he is a party or by which he is bound, and (b) do not require the consent of any person or entity.

 

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		10.2	The Company represents and warrants to the Executive that this Agreement has been duly authorized,
executed and delivered by the Company and that the fulfillment of the terms hereof (a) will not constitute a default under or conflict
with any agreement or other instrument to which it is a party or by which it is bound, and (b) do not require the consent of any
person of entity.

 

		10.3	Each party hereto warrants and represents to the other that this Agreement constitutes the valid
and binding obligation of such party enforceable against such party in accordance with its terms subject to applicable bankruptcy,
insolvency, moratorium and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general
principles of equity (regardless if enforcement is sought in proceeding in equity or at law).

 

11.         Notice; Addresses

		11.1	The addresses of the parties for purposes of this Agreement shall be the addresses set forth above,
or any other address which shall be provided by due notice.

 

		11.2	All notices in connection with this Agreement shall be sent by registered mail or delivered by
hand to the addresses set forth above, and shall be deemed to have been delivered to the other party at the earlier of the following
two dates: if sent by registered mail, as aforesaid, three business days from the date of mailing; if delivered by hand, upon actual
delivery or proof of delivery (in the event of a refusal to accept it) at the address of the addressee. Delivery by facsimile or
other electronic mail shall be sufficient and be deemed to have occurred upon electronic confirmation of receipt.

 

12.         Miscellaneous

		12.1	The preamble to this Agreement constitutes an integral part hereof.

 

		12.2	Headings are included for reference purposes only and are not to be used in interpreting this Agreement.

 

    	11

    	 

    

 

		12.3	The provisions of this Agreement are in lieu of the provisions of any collective bargaining agreement,
and therefore, no collective bargaining agreement shall apply with respect to the relationship between the parties hereto (subject
to the applicable provisions of law).

 

		12.4	No failure, delay or forbearance of either party in exercising any power or right hereunder shall
in any way restrict or diminish such party’s rights and powers under this Agreement, or operate as a waiver of any breach
or nonperformance by either party of any terms or conditions hereof.

 

		12.5	Any determination of the invalidity or unenforceability of any provision of the Agreement shall
not affect the remaining provisions hereof unless the business purpose of this Agreement is substantially frustrated thereby.

 

		12.6	This Agreement is personal and non-assignable by the Executive. It shall inure to the benefit of
any corporation or other entity with which the Company shall merge or consolidate or to which the Company shall lease or sell all
or substantially all of its assets, and may be assigned by the Company to any affiliate of the Company or to any corporation or
entity with which such affiliate shall merge or consolidate or which shall lease or acquire all or substantially all of the assets
of such affiliate. Any assignee must assume all the obligations of the Company hereunder, but such assignment and assumption shall
not serve as a release of prior agreements, promises, covenants, arrangements, communications, representations the Company.

 

		12.7	This Agreement sets forth the entire agreement of the parties hereto in respect of the subject
matter contained herein and supersedes all negotiations, undertakings, agreements, representations or warranties, whether oral
or written, by any officer, employee or representative of the Company or any party thereto; and any prior agreement of the parties
hereto or of the Executive and the Company in respect of the subject matter contained herein is hereby terminated and cancelled.
Any modification to the Agreement can only be made in writing, signed by the Executive and the Chairman or other executive officer
of the Company as designated by the Board.

 

		12.8	The Company shall have all the rights and remedies at law or in equity. The Executive recognizes
and affirms that in the event of breach of any of the provisions of Section 7 (Confidential Information), 8 (Intellectual Property)
or 9 (Non-Solicitation), money damages would be inadequate and there may be no adequate remedy at law. Accordingly, the Company
shall have the right, in addition to any other right or remedy existing in its favor, to enforce such Sections not only by an action
or actions for damages, but also by an action or actions for specific performance, injunction and/or other equitable relief without
posting any bond or security in order to enforce or prevent any violations (whether anticipatory, continuing or future) of any
of the provision of such Sections (provided that the Company can make a showing of harm or damage in an appropriate court proceeding).
All of the provisions of Sections 7, 8 and 9 and this Section 12 shall survive the termination or expiration of this Agreement
until the expiration of the applicable statute of limitations.

 

    	12

    	 

    

 

		12.9	This Agreement will be governed by and construed in accordance with the laws of the State of California,
excluding that body of law pertaining to conflict of laws. Any legal action or proceeding arising under this Agreement will be
brought exclusively in the federal or state courts located in the Northern District of California and the parties hereby irrevocably
consent to the personal jurisdiction and venue therein.

 

		12.10	This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the Effective Date.

 

	/s/ Eugene A. Bauer	 	/s/ Dr. Marvin R. Garovoy	 
	MEDGENICS , INC.	 	Dr. Marvin R. Garovoy	 
	By:	Eugene A. Bauer,	 	 	 
	 	Executive Chairman of the Board of Directors	 	 	 

 

    	13

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