Document:

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

ORGENESIS INC. BOARD OF ADVISORS CONSULTING
AGREEMENT

THIS BOARD OF ADVISORS AGREEMENT (“Agreement”) is effective
November 14, 2012 between ORGENESIS INC., a corporation with offices at
21 Sparrow Circle,White Plains, NY 10605, USA (the “Company”) and Prof.
Camilo Ricordi:, with an address at 1450 NW 10th Avenue, Miami,
Florida, 33136 (the “Advisor”).

NOW THEREFORE THIS AGREEMENT WITNESSES as follows:

1.1        
Appointment of Advisor. The Company hereby appoints the Advisor to the
Company’s Board of Advisors (the “Board of Advisors”). The Advisor will
advise the Company from time to time on issues as requested by the Company. The
Advisor will make himself reasonably available at the Company’s request, to
attend meetings or for conversations to discuss the business of the Company.

1.2         Compensation.
As compensation for providing such consulting services to the Company pursuant
to this Agreement, the Company agrees 

	 	(a) 	
      to grant 100,000 options to acquire 100,000 restricted
      shares (the “Shares”) to the Advisor to be vested as per the stock
      option plan to be adopted by the Company. The options will be granted
      pursuant to a Stock Option Agreement to be provided by the Company, with
      the exercise price for such options being the closing price per share of
      the Company’s stock on the OTCBB on the date of execution of this
      Agreement, exercisable for 5 years. The options will be governed by the
      Company’s stock option plan and will vest as to one fifth of such options
      at the end of each year of advisory service; and

	 	 	 
	 	(b) 	
      to pay to the Advisor $300 per hour for in person
      meetings and $200 per hour for conference call meetings or written work
      requested by the Company (the “Fees”).

1.3         Advisor’s
Acknowledgements. The Advisor acknowledges that the Shares may not be
registered under the laws of any country, including the United States
Securities Act of 1933 (the “1933 Act”), or under any state
securities or “blue sky” laws of any state of the United States, and, unless so
registered, may not be offered or sold 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 only in accordance with all applicable
securities laws. “United States” and “U.S. Person” are as defined by Regulation
S under the 1933 Act.

1.4         Questionnaire
and Undertaking and Direction. If the Advisor is a US person (as that term
is defined in Regulation S of the 1933 Act), the Advisor must complete, sign and
return to the Company an Accredited Investor Questionnaire in the form attached
as Exhibit A. The Advisor will, regardless of whether the Advisor is a US person
or not, complete, sign and return to the Company as soon as possible, on request
by the Company, any documents, questionnaires, notices and undertakings as may
be required by the regulatory authorities, stock exchanges and applicable
law.

1.5        
Expenses. In addition to the Shares and Fees granted pursuant to this
Agreement, the Company will reimburse the Advisor expenses incurred directly or
indirectly by the Advisor in carrying out the consulting services pursuant to
this Agreement. The Advisor will ensure that he will obtain the Company’s prior
approval for any such expenses before they are incurred. 

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1.6         Termination.
This Agreement will continue in force and effect indefinitely until terminated
by either party upon 30 days written notice delivered to the other party for any
reason. The Advisor’s vested options will expire 90 days after termination.

1.7         Maintenance
of Confidential Information. The Advisor acknowledges that in the course of
its appointment hereunder the Advisor may have access to the Company’s
confidential information (“Confidential Information”). The Advisor
acknowledges that Confidential Information constitutes a proprietary right,
which the Company is entitled to protect. Accordingly, the Advisor covenants and
agrees that during the term of this Agreement and thereafter until such time as
all the Confidential Information becomes publicly known and/or made generally
available through no action or inaction of the Advisor, the Advisor will keep in
strict confidence the Confidential Information and shall not, without prior
written consent of the Company in each instance, disclose, use or otherwise
disseminate the Confidential Information, directly or indirectly, to any third
party. The Advisor also agrees not to trade in the securities of the Company
while in possession of material information about the Company that has not been
publicly disclosed, and will abide by any insider trading policy adopted by the
Company. 

1.8         Entire
Agreement. The parties hereto agree that they have expressed herein their
entire understanding and agreement concerning the subject matter of this
Agreement and it is expressly agreed that no implied covenant, condition, term
or reservation or prior representation or warranty shall be read into this
Agreement relating to or concerning the subject matter hereof or any matter or
operation provided for herein.

1.9         Laws.
Any dispute arising out of the interpretation of this Agreement will be
interpreted in accordance with the Laws of Israel. The parties agree that any
disputes arising over this Agreement will be brought and determined by the
courts located in Tel Aviv, Israel.

IN WITNESS WHEREOF, the parties have duly executed this
Agreement as of the day and year first above written.

ORGENESIS INC.

	Per: 		 
	 	Authorized Signatory 	 

	EXECUTED in the presence of: 	) 	  
	  	) 	  
	  	) 	  
	Signature of Witness 	) 	  
	  	) 	  
	Print Name of Witness 	) 	/s/ Camilo Ricordi 
	  	) 	Prof. Camilo Ricordi 
	Address of Witness 	) 	  
	  	) 	  
	  	) 	  
	  	) 	  
	Occupation of Witness 	) 	  
	  	) 	  

EXHIBIT ‘A’ U.S. ACCREDITED INVESTOR
QUESTIONNAIRE

ONLY U.S. ACCREDITED INVESTORS NEED TO SIGN THIS

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the attached Agreement.

This Questionnaire is for use by each Advisor who is a US
person (as that term is defined Regulation S of the United States Securities Act
of 1933 (the “1933 Act”)). The purpose of this Questionnaire is to assure the
Company that each Advisor will meet the standards imposed by the 1933 Act and
the appropriate exemptions of applicable state securities laws. The Company will
rely on the information contained in this Questionnaire for the purposes of such
determination. The Shares will not be registered under the 1933 Act in reliance
upon the exemption from registration afforded by Section 3(b) and/or Section
4(6) of the 1933 Act. This Questionnaire is not an offer of the Shares or any
other securities of the Company in any state other than those specifically
authorized by the Company.

All information contained in this Questionnaire will be treated
as confidential. However, by signing and returning this Questionnaire, each
Advisor agrees that, if necessary, this Questionnaire may be presented to such
parties as the Company deems appropriate to establish the availability, under
the 1933 Act or applicable state securities law, of exemption from registration
in connection with the issuance of the Shares hereunder.

The Advisor covenants, represents and warrants to the Company
that it satisfies one or more of the categories of “Accredited Investors”, as
defined by Regulation D promulgated under the 1933 Act, as indicated below:
(Please initial in the space provide those categories, if any, of an “Accredited
Investor” which the Advisor satisfies)

		________	Category 1 	An organization described in Section 501(c)(3)
      of the United States Internal Revenue Code, a corporation, a Massachusetts
      or similar business trust or partnership, not formed for the specific
      purpose of acquiring the Shares, with total assets in excess of US
      $5,000,000; 
	 	 	  	  
		________	Category 2 	A natural person whose individual net worth, or
      joint net worth with that person’s spouse, on the date of purchase exceeds
      US $1,000,000, excluding the value of the primary residence of such
      person(s) and the related amount of indebtedness secured by the primary
      residence up to its fair market value; 
	 	 	  	  
		________	Category 3 	A natural person who had an individual income
      in excess of US $200,000 in each of the two most recent years or joint
      income with that person’s spouse in excess of US $300,000 in each of those
      years and has a reasonable expectation of reaching the same income level
      in the current year; 
	 	 	  	  
		________	Category 4 	A “bank” as defined under Section (3)(a)(2) of
      the 1933 Act or savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of the 1933 Act acting in its individual or
      fiduciary capacity; a broker dealer registered pursuant to Section 15 of
      the Securities Exchange Act of 1934 (United States); an insurance
      company as defined in Section 2(13) of the 1933 Act; an investment company
      registered under the Investment Company Act of 1940 (United
      States) or a business development company as defined in Section 2(a)(48)
      of such Act; a Small Business Investment Company licensed by the U.S.
      Small Business Administration under Section 301(c) or (d) of the Small
      Business Investment Act of 1958 (United States); a plan with
      total assets in excess of $5,000,000 established and maintained by a
      state, a political subdivision thereof, or an agency or instrumentality of
      a state or a political subdivision thereof, for the benefit of its
      employees; an employee benefit plan within the meaning of the Employee
      Retirement Income Security Act of 1974 (United States) whose
      investment decisions are made by a plan fiduciary, as defined in Section
      3(21) of such Act, which is either a bank, savings and loan association,
      insurance company or registered investment adviser, or if the
  employee benefit plan has total assets in
      excess of $5,000,000, or, if a self-directed plan, whose investment
    decisions are made solely by persons that are accredited investors; 

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		________	Category 5 	A private business development company as
      defined in Section 202(a)(22) of the Investment Advisers Act of 1940
      (United States); 
	 	 	  	  
	 	________	Category 6 	A director or executive officer of the Company;    
	 	 	  	  
		________	Category 7 	A trust with total assets in excess of
      $5,000,000, not formed for the specific purpose of acquiring the Shares,
      whose purchase is directed by a sophisticated person as described in Rule
      506(b)(2)(ii) under the 1933 Act; 
	 	 	  	  
		________	Category 8 	An entity in which all of the equity owners
  satisfy the requirements of one or more of the foregoing categories;  

Note that the Advisor claiming to
satisfy one of the above categories of Accredited Investor may be required to
supply the Company with a balance sheet, prior years’ federal income tax returns
or other appropriate documentation to verify and substantiate the Advisor’s
status as an Accredited Investor.

	If the Advisor is an entity which initialled Category 8 in
      reliance upon the Accredited Investor categories above, state the name,
      address, total personal income from all sources for the previous calendar
      year, and the net worth (exclusive of home, home furnishings and personal
      automobiles) for each equity owner of the said entity: 
	  
	  
	  
	  
	 
	The Advisor hereby certifies that the information contained
      in this Questionnaire is complete and accurate and the Advisor will notify
      the Company promptly of any change in any such information. If this
      Questionnaire is being completed on behalf of a corporation, partnership,
      trust or estate, the person executing on behalf of the Advisor represents
      that it has the authority to execute and deliver this Questionnaire on
      behalf of such entity. 

IN WITNESS WHEREOF, the undersigned has executed this
Questionnaire as of the _______day of _________________, _______.

	 	If a Corporation, Partnership or Other
      Entity: 	 	If an Individual: 
	 	  	 	  
	 	 	 	 
	 	Print of Type Name of Entity 	 	Signature 
	 	 	 	 
	 	Signature of Authorized Signatory 	 	Print or Type Name 
	 	 	 	 
	 	Type of Entity 	 	Social Security/Tax I.D. No.ensurgeexh101.htm

Exhibit 10.1

 

 

NOTE AMENDMENT AGREEMENT

 

THIS AGREEMENT (the “Agreement”), dated as of November 26, 2012, is entered into by and among Ensurge, Inc., a Nevada corporation (the “Company”), and the persons identified as “Holders” on the signature pages hereto (the “Holders”).

 

WHEREAS, pursuant to a Securities Purchase Agreement, dated October 28, 2011, between the Company and the Holders signatories thereto (the “Purchase Agreement”) Company issued two Secured Convertible Promissory Notes (the “Notes”) each in the face principal amount of $605,000; and

 

WHEREAS, the Company is unable to pay such Notes on their stated Maturity Date of November 15, 2012; and

 

WHEREAS, the parties desire to amend the Notes on the terms and for the consideration set forth herein;

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Holder hereby agrees as follows:

 

    1.          Amendment of the Notes. Upon execution of this Agreement, (i) the Maturity Date (as defined in the Notes) shall be March 15, 2013; (ii) from the date hereof until payment in full of the Notes, the interest rate shall be 10% and (ii) the Principal balance shall be increased to $756,250.

2.           Issuance of Common Stock. Within five business days of the date hereof, the Company shall issue each of the Holders 450,000 (“Shares”) of its Common Stock (the “Common Stock”), which the parties each acknowledge are valued at $0.50 per share for all purposes.

 

3.           Royalty Payment. Each Holder shall also be entitled to receive, and the Company shall pay, 0.75% of the royalties received by the Corporation pursuant to that certain Royalty Purchase Agreement dated June 13, 2012 by and between Ensurge, Brasil LTDA, Sao Paulo, SP, Brazil, and Metais Juara LTDA, Pocone, Mato, Grosso, Brazil (the “Agreement”) after such royalties have been converted to cash, payable quarterly on each of February 15, May 15, August 15, and November 15,  beginning on February 15, 2013 (each such date, a “Royalty Payment Date”) (if any Royalty Payment Date is not a business day, the applicable payment shall be due on the next succeeding business day) in cash.   Such royalties shall be calculated as of the December 31, March 31, June 30 and September 30 prior to each respective Royalty Payment Date, and shall be accompanied by a certification from the Corporation’s Chief Financial Officer or Treasurer showing such calculation. Such Royalties shall be payable for the life of the Agreement.

 

4.           Representations and Warranties. The Company hereby makes to the Holders the following representations and warranties:

 

(a)           Organization and Qualification.  The Company is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.  The Company is not in violation or default of any of the provisions of its certificate of incorporation, bylaws or other organizational or charter documents.

 

  

  

  

 

(b)           Authorization; Enforcement.  The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder.  The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or its stockholders in connection therewith.  This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(c)           No Conflicts.  The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s certificate of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing a Company debt or otherwise) or other material understanding to which the Company is a party or by which any property or asset of the Company is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(d)           Certain Fees.  No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank with respect to the transactions contemplated by this Agreement.

 

5.           Holders’ Representations and Warranties and Covenants.  Each Holder for itself and for no other Holders, hereby represents, warrants and covenants to the Company as follows:

 

  

  

  

 

(a) No Registration. Such Holder understands that the Shares have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the accuracy of such Holder’s representations as expressed herein or otherwise made pursuant hereto.

(b) Own Account.  Such Holder is acquiring the Shares for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof, and such Holder has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act and does not have any contract, undertaking, agreement or arrangement with any person or entity to sell, transfer or grant participation to such person or entity or to any third person or entity with respect to such Shares in violation of the Securities Act.

(c) Investment Experience. Such Holder has knowledge, sophistication and experience in evaluating and investing in private placement transactions of securities in companies similar to the Company and acknowledges that such Holder can protect its own interests. Such Holder has such knowledge and experience in financial and business matters so that such Holder is capable of evaluating the merits and risks of its investment in the Company.

(d) Access to Information.  Such Holder and its advisors, if any, have been furnished with or have been given access to all materials relating to the business, finances and operations of the Company (other than materials that would constitute material non-public information) and any reasonably requested materials requested by the Holder.  Such Holder and its advisors, if any, have been afforded the opportunity to ask questions of the Company and its management and have received complete and satisfactory answers to any such inquiries.

(e) Accredited Investor.  Such Holder is an “accredited investor’ within the meaning of Regulation D, Rule 501, promulgated by the Commission under the Securities Act and shall submit to the Company such further assurances of such status as may be reasonably requested by the Company.

(f) Authorization.

(i) Such Holder has all requisite power and authority to execute and deliver this Agreement, and to carry out and perform its obligations under the terms hereof.  All action on the part of the Holder necessary for the authorization, execution, delivery and performance of this Agreement, and the performance of all of the Holder’s obligations herein, has been taken.

(ii) This Agreement, when executed and delivered by Such Holder, will constitute valid and legally binding obligations of the Holder, enforceable in accordance with its terms except: (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies or by general principles of equity.

  

  

  

 

6.           Miscellaneous.

(a) The Company shall, within four Trading Days of the date hereof, issue a Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby, and shall attach this Agreement and all other related agreements thereto (the “8-K Filing”).  From and after the filing of the 8-K Filing with the Commission, the Holder shall not be in possession of any material, nonpublic information received from the Company, any of its Subsidiaries or any of their respective officers, directors, employees or agents, that is not disclosed in the 8-K Filing.  The Company shall consult with the Holders in issuing any other press releases with respect to the transactions contemplated hereby.

(b) This Agreement may be executed in two or more counterparts and by facsimile signature or otherwise, and each of such counterparts shall be deemed an original and all of such counterparts together shall constitute one and the same agreement.

(c) The Company has elected to provide all Holders with the same terms and form of agreement for the convenience of the Company and not because it was required or requested to do so by the Holders.  The obligations of each Holder under this Agreement, and any Transaction Document are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance or non-performance of the obligations of any other Holder under this Agreement or any Transaction Document.  Nothing contained herein or in any Transaction Document, and no action taken by any Holder pursuant thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or the Transaction Documents.  Each Holder shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose.  Each Holder has been represented by its own separate legal counsel in their review and negotiation of this Agreement and the Transaction Documents.

(d) If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties.  The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

(e) This Agreement shall be governed by and interpreted in accordance with laws of the State of Illinois, excluding its choice of law rules.  The parties hereto hereby waive the right to a jury trial in any litigation resulting from or related to this Agreement.  The parties hereto consent to exclusive jurisdiction and venue in the federal courts sitting in the southern district of New York, unless no federal subject matter jurisdiction exists, in which case the parties hereto consent to exclusive jurisdiction and venue in the Illinois state courts in the County of Cook, city of Chicago, Illinois.  Each party waives all defenses of lack of personal jurisdiction and forum non conveniens.  Process may be served on any party hereto in the manner authorized by applicable law or court rule.

***********************

 

  

  

  

 

IN WITNESS WHEREOF, this Agreement is executed as of the date first set forth above.

	  	
ENSURGE, INC.

	  	  	  
	  	  	  
	  	
By:_____________________________________

	  	  	
Name:

	  	  	
Title:

	  	  	  
	  	
NEXT VIEW CAPITAL, L.P.

	  	  	  
	  	  	  
	
By:_____________________________________

	  	  	
Name: Stewart Flink

	  	  	
Title: Manager

	  	  	  
	  	  	  
	  	  	  
	  	
ZADAR LLC

	  	  	  
	  	  	  
	
By:_____________________________________

	  	  	
Name: H. Joseph Leitch

	  	  	
Title: Manager

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