Document:

Exhibit
10.1

 

CONVERTIBLE
LOAN AGREEMENT

 

THIS
CONVERTIBLE LOAN AGREEMENT (“Convertible Loan Agreement”) is made as of the 24 day of August, 2021 (“Effective
Date”), by and between Orgenesis Inc., a corporation formed pursuant to the laws of the State of Nevada, with a place
of business at 20271 Goldenrod Lane, Germantown, MD 20876 (the “Lender” or “Orgenesis”), and Image
Securities FZC. (Dubai), a company having its registered address at SAIF – Executive Office P8-03-17, Sharjah, United Arab
Emirates (the “Borrower”), (Orgenesis together with the Borrower each a “Party” and together the
“Parties”).

 

WHEREAS,
Orgenesis and Image Securities Ltd. entered into that certain Joint Venture Agreement dated October 16, 2020 as amended, a copy of which
is attached hereto as Exhibit A (the “JV Agreement”, capitalized terms used herein without definition shall have the
meanings assigned thereto in the JV Agreement); and

 

WHEREAS,
pursuant to the JV Agreement, the Parties are to establish a JV for the exclusive purpose of carrying out the activities as set out in
the JV agreement (“Project”) and may provide funding in accordance with Section 3 of the JV Agreement;

 

WHEREAS,
the JV has not yet been established but the Parties acknowledge that the Project requires financing; and 

 

WHEREAS,
Orgenesis has agreed to provide financing for the Project by way of a convertable loan to the Borrower to be used by the Borrower solely
for carrying out the Project, and the Borrower has agreed to receive such financing on behalf of the JV, to be used by the Borrower solely
for the Project;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, and other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

1.
Funding. Lender has committed to provide some of the financing for the Project under the JV Agreement and has agreed to inject
capital in form of a convertible loan under the terms of this Agreement of up to Five Million US Dollars, the “Loan Amount”
in accordance with the terms hereof. The funds provided hereunder are in satisfaction of the undertaking of the Lender under the
JV Agreement to provide such funding to the JV.

 

2.
Optional Additional Loan Amount. In addition, the Parties agree that Lender, at its sole discretion, may provide an additional
investment of up to US$ 5,000,000 (Five Million US Dollars) under the same terms of the Loan Amount (the “Optional Additional
Loan Amount”).

 

3.
The Borrower shall accept such Loan Amount, and Optional Additional Loan Amount on behalf of the JV and shall use the proceeds solely
for the Project and for no other purpose, and provide detailed reports detailing such use of funds.

 

    	 

     

    

 

4.
Loan; Closing.

 

(a)
Terms of Loan. The Loan Amount and Optional Additional
Loan Amount or parts thereof outstanding at any time shall bear simple interest at the rate of six percent (6%) per annum (based upon
a 365-day year). Lender may, at its sole discretion transfer amounts according to the Loan Amount and Optional Additional Loan Amount
in tranches. Unless otherwise converted into equity pursuant to the terms of this Agreement, the amount outstanding, and all accrued
but unpaid interest thereon, shall become due and payable on the first anniversary of the Effective Date (the “Maturity Date”)
without any action required from the Lender. The Maturity Date may be extended by the Lender in the Lender’s sole and absolute
discretion and any such extension(s) shall be in writing signed by both Parties. The Loan Amount may be prepaid by the Borrower in whole
or in part at any time with the prior written approval of the Lender (such approval to be in the Lender’s sole and absolute discretion).

 

(b)
Lender shall record on Exhibit B the date and
amount of each extension of the Loan Amount made hereunder, and deliver a copy of such exhibit to Borrower as evidence of such extension.
Exhibit B shall be binding on Lender barring obvious error.

 

(c)
The Closing. At the closing, the Lender and the
Borrower shall each deliver a fully executed version of this Agreement to the other Party (the “Closing”). Within
14 days after the Closing the Lender shall transfer the Initial Tranche by wire to the bank account of the Borrower in accordance with
wiring instructions provided by the Borrower to the Lender prior to the Closing and detailed below in Section 13(g). The timing and amounts
of further funding of the Loan Amount shall be provided in accordance with the Work Plan as shall be approved by the Lender in its sole
discretion.

 

5.
Use of Proceeds. The Borrower shall use the Loan Amount solely to fund the activities expressly set forth in the Work Plan (“Purpose”)
and for no other purposes unless otherwise agreed to in writing by the Lender.

 

6.
Accounts. Borrower shall keep good and proper accounts of expenditures of the Loan Amount or the Optional Additional Loan Amount,
and shall at the request of Lender at any time and in any case not less frequently than on the last day of each month while any part
of the Loan Amount or of the Optional Additional Loan Amount remains outstanding, provide to Lender copies of such accounts.

 

7.
Events of Default.

 

(a)
The following shall constitute events of default (each
an “Event of Default”):

 

    	 

     

    

 

i.
filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy laws by or against the Borrower or the
JV, which filing or proceeding is not dismissed within sixty (60) days after the filing or commencement thereof, or if the Borrower or
the JV shall cease or suspend the conduct of its usual business or if the Borrower or the JV shall become, or in light of its usual business
conditions is likely to become, insolvent and is unable to pay its debts or liabilities as they fall due;

 

ii.
failure of the Borrower or the JV to comply in any way with the obligations, terms, covenants, representation or conditions contained
in the JV Agreement and/or this Agreement, or breach by the Borrower or the JV of any obligations, covenant, representation or warranty
contained in in the JV Agreement and/or this Agreement that is not cured within thirty (30) days from the date the Lender delivers notice
of such failure or breach to the Borrower or the JV;

 

iii.
the Borrower or the JV shall (A) apply for or consent to the appointment of a receiver, trustee or liquidator to take possession of a
substantial portion of the property or assets of the Borrower or the JV and the proceedings in connection with such appointment shall
not be dismissed or discharged within forty five (45) days of commencement, (B) be unable or admit in writing its inability to pay its
debts as they mature, (C) make a general assignment for the benefit of creditors, (D) be adjudicated a bankrupt or insolvent, or (E)
take corporate action for the purpose of effecting any of the foregoing;

 

iv.
an order, judgment or decree shall be entered, without the application, approval or consent of the Borrower or the JV by any court of
competent jurisdiction, approving a petition seeking reorganization of the Borrower or the JV or appointing a receiver, trustee or liquidator
of the Borrower or the JV or of all or a substantial part of its assets, and such order, judgment or decree shall continue unstayed and
in effect for any period of sixty (60) consecutive days;

 

v.
the Borrower or the JV shall fail to pay as and when due any principal or interest on the Maturity Date;

 

vi.
the Borrower uses any of the proceeds of the Loan Amount other than in accordance with the Purpose;

 

vii.
the JV is not established within six months of the Effective Date; and

 

viii.
the Borrower shall fail to fund its contributions to the JV as are called for in the JV Agreement; or

 

ix. a decision is taken to
liquidate, dissolve or wind up the business of the Borrower or the JV.

 

    	 

     

    

 

(b)
If, at any time, an Event of Default shall occur, all
obligations under this Agreement shall become immediately due and payable without presentment, demand or protest, all of which are hereby
waived by the Borrower and the JV.

 

8.
Representations and Warranties. The Borrower represents and warrants to the Lender (and to the extent identified below, the Lender
represents and warrants to the Borrower) as follows:

 

(a)
The Borrower is duly formed, validly existing and in
good standing under the laws of Slovenia. The Borrower has full power and authority to consummate the transactions contemplated hereunder,
and the consummation of such transactions and the performance of this Agreement by the Borrower does not violate the provisions of any
applicable law, and will not result in any material breach of, or constitute a material default under any agreement or instrument to
which the Borrower is a party or under which the Borrower is bound.

 

(b)
The execution and performance of this Agreement by the
Borrower has been duly authorized by all necessary actions. This Agreement has been duly executed and delivered by the Borrower and the
Lender and this Agreement is the legal, valid, and binding obligation of the Borrower and the Lender, and is fully enforceable against
the Borrower and the Lender according to its terms.

 

(c)
All of the shares of the Borrower or the JV after its
establishment to be issued to the Lender upon the conversion of the amounts outstanding of the Loan Amount shall be, when issued, duly
authorized, validly issued, fully paid, non-assessable free and clear of all liens, pledges, security interests, charges and encumbrances.

 

(d)
There is no existing lien, encumbrance, security interest,
indebtedness, mortgage or third-party rights of any kind that are, or could be, ranked senior in nature to the amounts outstanding of
the Loan Amount.

 

9.
Conversion of Loan Amount.

 

(a)
The Loan Amount, the Optional Additional Loan Amount
and any and all accrued but unpaid interest thereon (collectively, the “Outstanding Amount”), shall be convertible
at any time prior to or on the Maturity Date, by Lender by written notice to the Borrower or, after its establishment, the JV, in whole
or in part, into shares of equity of the Borrower or, after its establishment, of the JV then outstanding at a valuation equal to either
(i) the value of the Borrower or after its establishment of the JV as is determined by an independent third party expert to be mutually
agreed upon by the Parties, (ii) or if such conversion occurs concurrently with an offering of equity by the Borrower or after its establishment,
of the JV with proceeds of at least $1 million, into the class of shares issued in such offering at the lowest price paid by investors
in such offering. The per share price for the conversion shall be calculated on a fully diluted basis (including equity underlying all
outstanding options, warrants, and other convertible securities, but excluding equity securities issuable upon the conversion of this
instrument. The equity issued upon said conversion shall have all preferential and associated rights with the highest class of issued
equity, or equity planned to be issued on or around such time.

 

    	 

     

    

 

(b)
Upon the conversion pursuant to Section 9(a) above,
the rights of repayment of the Outstanding Amount shall be extinguished, and the Lender shall surrender this Agreement. As soon as practicable
the Borrower or the JV into whose shares the Outstanding Amount is converted, shall issue and deliver to the Lender a capital contribution
certificate.

 

(c)
The shares issued upon conversion of the Outstanding
Amount, free from preemptive rights or any other actual contingent purchase rights of persons other than the Lender.

 

(d)
The conversion of the Outstanding Amount into equities
shall be made without charge to the Lender for any documentary stamp or similar taxes upon conversion.

 

10.
Waiver; Non-Negotiable. The Borrower, for itself and each of its legal representatives, hereby waives presentment for payment,
demand, right of setoff, notice of nonpayment, notice of dishonor, protest of any dishonor, notice of protest and protest of this Agreement,
and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the obligations under this
Agreement. This Agreement is non- negotiable.

 

11.
Seniority; Security Interest. At all times, the Outstanding Amount shall rank, and shall be deemed, senior to any and all indebtedness
of the Borrower or, after its establishment, the JV (whether now existing or incurred in the future) unless otherwise subordinated by
the Lender in writing in the Lender’s sole and absolute discretion. The Borrower and the JV hereby agree, covenant and undertake:
(A) to take any and all actions, and execute any and all documents, as requested from time to time by the Lender in order to ensure the
seniority of the Outstanding Amount at all times, and (B) not permit any indebtedness, lien, encumbrance, mortgage or third party right
of any kind to become senior to the Outstanding Amount in any respect. Additionally, in order to secure the repayment of the Outstanding
Amount, the Borrower agrees to create and pledge a first ranking security interest on the Borrower’s or, after its establishment,
the JV’s present and future tangible and intangible assets, and undertakes that after its establishment the aforesaid security
interest will rank senior to any other form of security interest on the assets of the Borrower or, after its establishment, the JV. From
time to time as the Lender may demand, the Borrower or, after its establishment, the JV, or any of their respective subsidiaries (in
case there shall be such), shall execute, such additional documents or take such additional actions as may be necessary or favorable,
as determined by the Lender, to maintain the aforesaid security interest, including, without limitation, the filing of any instruments
or forms necessary or advisable to perfect such security interests. The aforesaid security interest shall remain fully effective in favor
of the Lender until the time on which the Lender in accordance with the terms of this Agreement has determined that the outstanding Amount
has been fully repaid or converted.

 

    	 

     

    

 

12.
Further Assurances. The Parties shall perform such further acts and execute such further documents as may reasonably be necessary
to carry out and give full effect to the provisions of this Agreement.

 

13.
Miscellaneous.

 

(a)
Entire Agreement; Amendments. This Agreement
constitutes the entire understanding of the Parties hereto with respect to the subject matter hereof and supersedes all prior written
and oral understandings of such parties with regard thereto; provided that the JV Agreement (and any agreements entered into pursuant
thereto) shall survive in full force and effect following the Effective Date. This Agreement may be modified, amended, or any term hereof
waived with the written consent of the Borrower or, after its establishment, the JV and the Lender. Any amendment effected in accordance
with this Section 11(a) shall be binding upon all Parties and their respective successors and assignees.

 

(b)
Governing Law; Jurisdiction. This Agreement shall
be governed by and construed according to the laws of the State of New York without regard to the conflict of laws provisions thereof.
Any dispute arising under or in relation to this Agreement shall be resolved by arbitration administered by the American Arbitration
Association with the International Arbitration Rules of the American Arbitration Association for the time being in force on the commencing
date of the arbitration. The place of the arbitration is the New York City. The tribunal shall be composed of one arbitrator mutually
acceptable to the Parties, or barring such acceptance, by the American Arbitration Association. The language of the arbitration shall
be English.

 

(c)
Notices. All notices and other communications
required or permitted hereunder to be given to a Party to this Agreement shall be in writing and shall be telecopied or mailed by registered
or certified mail, postage prepaid, or otherwise delivered by hand or by messenger. Any notice sent in accordance with this Agreement
shall be effective (i) if mailed, seven (7) business days after mailing to the address set forth each Party’s signature below,
(ii) if sent by messenger, upon delivery, and (iii) if sent via email, upon transmission and electronic confirmation of receipt or (if
transmitted and received on a non-business day) on the first business day following transmission and electronic confirmation of receipt.
Additionally, a copy of each notice sent or delivered to Orgenesis (which does not constitute a notice) shall be sent or delivered to
Mark Cohen, Pearl Cohen Zedek Latzer LLP, 7 Times Square, New York, NY 10036.

 

    	 

     

    

 

(d)
Assignment; Waiver. This Agreement may not be
assigned by the Borrower other than to the JV, and after assignment to the JV any other assignments are permitted only with the prior
written consent of the Lender. The Lender may assign this Agreement without the prior written consent of the Borrower. This Agreement
shall be binding upon the successors, assigns and representatives of each Party. No delay or omission to exercise any right, power, or
remedy accruing to any Party upon any breach or default under this Agreement, shall be deemed a waiver of any other breach or default
theretofore or thereafter occurring. All remedies, either under this Agreement or by law or otherwise afforded to any of the Parties,
shall be cumulative and not alternative.

 

(e)
Severability. If any provision of this Agreement
is held by a court of competent jurisdiction to be unenforceable under applicable law, then such provision shall be excluded from this
Agreement and the remainder of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms; provided, however, that in such event this Agreement shall be interpreted so as to give effect, to the greatest
extent consistent with and permitted by applicable law, to the meaning and intention of the excluded provision as determined by such
court of competent jurisdiction.

 

(f)
Counterparts. This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
instrument.

 

 (g) Borrower bank account wire instructions:

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Loan Agreement as of the date first above written.

 

	LENDER
    	 
	 	 	 
	ORGENESIS
    INC.	 
	 	 	 
	By:	 	 
	Name:
    	Vered
    Caplan	 
	Title:
    	Chief
    Executive Officer Address:	 
	 	 	 
	THE
    BORROWER 	 
	 	 
	Image Securities FZC

                                                                                 
	 
	By:	 	 
	Name:		 
	Title:
    	 	 
	Address: 	 

 

Exhibit
A – Joint Venture Agreement 

Exhibit
B – Schedule of Loan Amounts extended

 

[Signature
page to the Loan Agreement between Orgenesis, Inc. and Image Securities FZC]Exhibit
10.2

 

Convertible
Credit Line and Unsecured Convertible Note Extension Agreement

 

This
Convertible Credit Line and Convertible Note Extension Agreement (“Extension”) is entered into as of September 13,
2021 (the “Effective Date”), by and between Orgenesis Inc. (“Borrower”) and Yosef Dotan (“Lender”).
Borrower and Lender may each be referred to herein as a “Party,” and collectively as the “Parties”

 

WHEREAS:
Lender and Borrower are parties to that certain Convertible Credit Line Agreement dated October 3, 2019 (“CL Agreement”);
and

 

WHEREAS:
Lender and Borrower are parties to that certain Amendment#1 to the Agreement dated November 12, 2019 (“Amendment#1”);
and

 

WHEREAS:
Lender and Borrower are parties to two Private Placement Subscription Agreements dated November 30, 2018, each for subscription amount
of US$ 125,000 (“PP Agreements”); and

 

WHEREAS:
Lender and Borrower wish to extend Maturity Date of the loans in accordance with the CL Agreement and the PP Agreements to June 30,
2023 and to grant additional warrants in accordance with the terms herein;

 

NOW
THEREFORE, the Parties hereby agree as follows:

 

		1.	MATURITY
                                            DATE EXTENSION

 

		1.1	Unless
                                            otherwise converted into equity pursuant to the terms of the CL Agreement, the Loan Amount,
                                            including all accrued but unpaid interest thereon which equals US$ 865,507 as of October
                                            3, 2021, shall continue to accrue the same interest rate until it become due and payable
                                            on June 30, 2023 (the “Maturity Date”) without any action required from
                                            the Lender. The Maturity Date may be further extended by the Lender in the Lender’s
                                            sole and absolute discretion and any such extension(s) shall be in writing signed by both
                                            Parties. The Loan Amount may be prepaid by the Borrower in whole or in part at any time without
                                            penalty of any kind after notice of 2 Business Days to the Lender. Each such prepayment shall
                                            be credited first to principal and then accrued but unpaid interest, costs and expenses owed
                                            to the Lender by the Borrower.

 

		1.2	Unless
                                            otherwise converted into Units pursuant to the terms of the PP Agreements, the principal
                                            amount of the 2% Unsecured Convertible Notes (“2% Notes”) held by the
                                            Lender, plus accrued and unpaid interest thereon which equal US$ 265,014 as of November
                                            21, 2021, shall continue to accrue the same interest rate until it become due and payable
                                            on June 30, 2023 without any action required from the Lender. The principal amounts of the
                                            2% Notes, plus accrued and unpaid interest thereon, may be prepaid by the Borrower in whole
                                            or in part at any time without penalty of any kind after notice of 2 Business Days to the
                                            Lender. Each such prepayment shall be credited first to principal and then to the accrued
                                            but unpaid interest.

 

    	 

     

    

 

		2.	EARLY
                                            REPAYMENT OPTION

 

		2.1	Notwithstanding
                                            the foregoing, the Lender may ask Borrower for early repayment of the Loan Amount and the
                                            principal amount of the 2% Notes, by providing a written notice to the Borrower on November
                                            21, 2022. Upon receipt of such early repayment notice by the Borrower, the Borrower shall
                                            pay the outstanding Loan Amount and the principal amount of the 2% Notes and all accrued
                                            but unpaid interest by November 30, 2022.

 

		3.	ADDITIONAL
                                            WARRANTS

 

		3.1	The
                                            Borrower shall issue warrants to purchase such number of shares of common stock of Orgenesis
                                            to the Lender listed in Exhibit A hereto (“Additional Warrants”).
                                            The exercise price of the Additional Warrants shall be US$ 6.24 per share and the
                                            expiration and latest possible exercise date of the Additional Warrants shall be June 30,
                                            2023, unless the Loan Amount and the principal amount of the 2% Notes are prepaid by the
                                            Borrower in accordance with the early repayment options specified in Section 2.1 hereto,
                                            and then the Additional Warrants shall expire upon the date of such early repayment. The
                                            Additional Warrants shall be substantially in the form attached hereto as Exhibit B.

 

		4.	GENERAL
                                            PROVISIONS.

 

		4.1	The
                                            Agreement is hereby amended only to the extent necessary to give full effect to this Extension.
                                            Unless expressly specified herein, all other terms and conditions specified in the Agreement
                                            shall apply and shall remain in full force and effect. Capitalized terms used not defined
                                            herein shall have the meaning ascribed to them in the Agreement. In the event of any conflict
                                            between the terms of this Extension and the terms of the Agreement, the terms of this Extension
                                            shall control.

 

		4.2	This
                                            Extension may be executed in any number of counterparts, including in facsimile and scanned
                                            format, each of which shall be deemed an original and enforceable against the Party actually
                                            executing such counterpart and all of which together shall constitute one and the same instrument.

 

		4.3	Section
                                            10(c) of the CL Agreement and the PP Agreements shall be hereby amended to provide that any
                                            notices sent or delivered to the Borrower shall also be sent or delivered to Mark Cohen,
                                            Pearl Cohen Zedek Latzer Baratz LLP, Times Square Tower, 7 Times Square, New York, NY 10036
                                            (which delivery shall not constitute notice).

 

[Remainder
of Page Intentionally Left Blank]

    	 

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Extension to Convertible Credit Line and Unsecured Convertible Note Agreement, as of
the date first above written.

 

	THE LENDER: 	 
	 	 	 
	 	 
	Yosef Dotan	 
	 	 	 
	ORGENESIS INC.	 
	 	 
	By:		 
	Name:
    	Vered
    Caplan	
	Title:
    	Chief
    Executive Officer	
	Address:	20271 Goldenrod lane 	 
	 	Germantown,
    Maryland, 20776 USA	 

 

[Signature
page to the Extension to Convertible Credit Line Agreement between Orgenesis Inc. and Y.Dotan]

 

    	 

     

    

 

Exhibit
A

 

LIST
OF ADDITIONAL WARRANTS

 

	Warrant Holder	 	# of Warrants	 	 	Expiration Date	 	Exercise Price	 
	Yosef Dotan	 	 	209,755	 	 	June 30, 20231	 	$	6.24	 

 

 

 1
The Warrants will expire prior to such date if the Lender demand repayment earlier.

 

    	 

     

    

 

Exhibit
B

 

FORM
OF WARRANTS

 

THESE
WARRANTS ARE NOT TRANSFERABLE

 

NONE
OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (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 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 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 SECURITIES LAWS.

 

ORGENESIS
INC.

(A Nevada Corporation)

 

NON-TRANSFERABLE

WARRANT
CERTIFICATE

 

	CERTIFICATE
    NO. 2021 - _______	 
	 	 
	NUMBER
    OF WARRANTS: _________	RIGHT
    TO PURCHASE _209,755_____ 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 ARE REPRESENTED BY THIS CERTIFICATE.

 

This
is to certify that, for value received, Yosef Dotan (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 September ____,
2021 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
shares of common stock (the “Shares”) of Orgenesis Inc. (the “Company”) set out above, by surrendering
to the Company, at its offices at 20271 Goldenrod Lane, Germantown, MD 20876, 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 $6.24 per Share (subject to adjustment as described
in the Terms and Conditions).

 

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.

 

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 Scottsdale, in the State of Arizona, as of the _____ day of September,
2021.

 

	ORGENESIS
    INC.	 
	 	 	 
	Per:
    	 	 
	Name:	Neil
    Reithinger	 
	Title:	Chief
    Financial Officer	 

 

PLEASE
NOTE THAT ALL SHARE CERTIFICATES ISSUED TO NON-U.S. PERSONS 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.”

 

PLEASE
NOTE THAT ALL SHARE CERTIFICATES ISSUED TO U.S. PERSONS UPON EXERCISE HEREOF MUST BE LEGENDED AS FOLLOWS:

 

NONE
OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (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 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 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 SECURITIES LAWS.

 

    	 

     

    

  

APPENDIX
“A”

 

TERMS
AND CONDITIONS dated as of September ____, 2021 (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
Day” 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 $6.24 per Share, subject to adjustment as provided in the Terms and Conditions;

 

(e) “Expiry
Date” means June 30, 2023, unless expired earlier in accordance with the terms of the Convertible Credit Line and Unsecured Convertible
Note Extension Agreement;

 

(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) “Trading
Day” means any day on which the Common Stock is traded on The Nasdaq Capital Market, or, if The Nasdaq Capital Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock
is then traded.

 

    	 

     

    

 

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

 

(l) “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.

 

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.

 

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.

c/o
Eventus Advisory Group, LLC

14201
N. Hayden Road, Suite A-1

Scottsdale,
AZ 85260

Attention:
Neil Reithinger, CFO

 

With
a copy which shall not constitute notice to

 

Pearl
Cohen Zedek Latzer Baratz LLP,

Times
Square Tower,

7
Times Square

New
York, NY 10036

Attn:
Mark Cohen, Esq.

 

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 purchased 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.

 

14.
Expiration of Warrants

 

After
the expiration of the Expiry Period, 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:

 

(a) 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;

 

    	 

     

    

 

(b) 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 13 to 20 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 13 to 20 hereof shall thereafter correspondingly be made applicable as nearly as
may reasonably 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 16(b).

 

(c) The
adjustments provided for in this Section 16 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.

 

    	 

     

    

 

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:	Neil
    Reithinger	 
	Title:	Chief
    Financial Officer	 

 

    	 

     

    

 

APPENDIX
“B”

 

SUBSCRIPTION
FORM

 

(ONE
NON-TRANSFERABLE SHARE PURCHASE WARRANT IS

REQUIRED TO SUBSCRIBE FOR EACH COMMON SHARE)

 

	TO:	ORGENESIS INC.

20271
Goldenrod Lane

Germantown,
MD 20876

 

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. $6.24 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 Shares 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.

 

[APPLIES
TO NON-U.S. PERSONS ONLY:]

 

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.”

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