Document:

Exhibit 10.1 - Amended Restated SEAICP

          Exhibit 10.1
 
MASTERCARD
SENIOR EXECUTIVE ANNUAL INCENTIVE COMPENSATION PLAN

As Amended and Restated Effective June 9, 2015

MasterCard Incorporated and subsidiaries (collectively or individually, as the context requires, the “Company”) has adopted the MasterCard Senior Executive Annual Incentive Compensation Plan (the “Plan”) to reward senior executives for successfully achieving performance goals that are in direct support of corporate and business unit/regional goals.  
ARTICLE I 
DEFINITIONS 
Section 1.1    “Board” shall mean the Board of Directors of the Company.
Section 1.2    “Code” shall mean the Internal Revenue Code of 1986, as amended.  Any reference to a section of the Code herein shall be deemed to include a reference to the regulations promulgated under such section.
Section 1.3    “Committee” shall mean the Human Resources and Compensation Committee of the Board of Directors of the Company, or such other committee or subcommittee designated by the Board to administer the Plan.
Section 1.4    “Disability” shall mean total and permanent disability in accordance with the Company’s long-term disability plan, as determined by the Committee. 
Section 1.5    “Executive Officer” shall mean a person who is a member of the Company’s Executive Committee, or its equivalent.  
Section 1.6    “Participant” shall mean, with respect to any Performance Period, any Executive Officer selected by the Committee to participate in the Plan with respect to that Performance Period.
Section 1.7    “Performance Period” shall mean a period of no less than 90 days for which incentive compensation shall be paid hereunder, as established by the Committee.
ARTICLE II
BONUS AWARDS
Section 2.1    Performance Targets.  
(a)    The Committee (or subcommittee described in Section 6.1(a) below), will establish performance targets for each Performance Period.  The performance targets for a Performance Period 

        

shall be based upon one or more of the following objective business criteria:  (i) revenue; (ii) earnings (including earnings before interest, taxes, depreciation and amortization, earnings before interest and taxes, and earnings before or after taxes); (iii) operating income; (iv) net income; (v) profit or operating margins; (vi) earnings per share; (vii) return on assets; (viii) return on equity; (ix) return on invested capital; (x) economic value-added; (xi) stock price; (xii) gross dollar volume; (xiii) total shareholder return; (xiv) market share; (xv) book value; (xvi) expense management; (xvii) cash flow, and (xviii) customer satisfaction.  The foregoing criteria may relate to the Company, one or more of its affiliated employers or subsidiaries or one or more of its divisions, regions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all as the Committee shall determine.  In establishing performance targets under Section 2.1(b) based on these objective business criteria, the Committee may provide that the targets shall be adjusted to reflect specified extraordinary, unusual and/or non-recurring items.
(b)    The performance targets shall be established by the Committee (or subcommittee) for a Performance Period (i) while the outcome for that Performance Period is substantially uncertain and (ii) no more than 90 days or, if less, the number of days which is equal to 25 percent of the relevant Performance Period, after the commencement of the Performance Period to which the performance target relates, or as otherwise permitted pursuant to Section 162(m) of the Code (or any successor section thereto).  
Section 2.2    Bonus Awards.
(a)    The maximum bonus award payable to any Participant with respect to any calendar year of the Company shall not exceed $10,000,000.
(b)    Prior to the payment of a bonus award to any Participant, the Committee (or subcommittee described in Section 6.1(a) below) shall certify in writing the level of performance attained for the Performance Period to which such bonus award relates.  The Committee shall have no discretion to increase the amount of a Participant’s maximum bonus award that would otherwise be payable to the Participant upon the achievement of specified levels of the performance target established by the Committee, however, the Committee may exercise negative discretion to make an award to any Participant for any Performance Period in an amount that is less than such maximum bonus award.
ARTICLE III
PAYMENT OF BONUS AWARD
Section 3.1    Form of Payment.  Each Participant’s bonus award shall be paid in cash.
Section 3.2    Timing of Payment.  Unless otherwise elected by the Participant pursuant to Section 3.3 below, each bonus award shall be paid in the first 2 1⁄2 months of the year following the end of the Performance Period.

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Section 3.3    Deferral of Payment.  Payments of bonus awards under the Plan are eligible for deferral as allowed under the MasterCard Incorporated Deferral Plan.
ARTICLE IV
BONUS AWARD RECOUPMENT POLICY
Section 4.1    Recoupment.  In the event of a restatement of materially inaccurate financial results, the Committee has the discretion to recover bonus awards that were paid under the Plan to a Participant with respect to the period covered by the restatement as set forth herein.  If the payment of a bonus award would have been lower had the achievement of applicable financial performance targets been calculated based on such restated financial results, the Committee may, if it determines appropriate in its sole discretion, to the extent permitted by law, recover from the Participant the portion of the bonus award paid in excess of the payment that would have been made based on the restated financial results.  The Company will not seek to recover bonus awards paid more than three years after the date the Company filed the original report with the Securities and Exchange Commission that contained the inaccurate financial results to be restated.  This Article IV is in addition to, and not in lieu of, any requirements under the Sarbanes-Oxley Act and shall apply notwithstanding anything to the contrary in the Plan.
ARTICLE V
TRANSFERS, TERMINATIONS AND NEW EXECUTIVE OFFICERS
Section 5.1    Terminations.  A Participant who, whether voluntarily or involuntarily, is terminated, demoted, transferred or otherwise ceases to be an Executive Officer (otherwise than by death or disability) at any time prior to the date a bonus award is paid in respect of a Performance Period shall not be eligible to receive any bonus award with respect to such Performance Period.  In the event of a Participant’s death during a Performance Period or prior to the date a bonus award is paid in respect of a Performance Period, the Participant shall receive within 75 days of death the target award payable for the Performance Period of the Participant’s death.  In the event of a Participant’s termination by reason of disability during the Performance Period or prior to the date a bonus award is paid in respect of a Performance Period, the Participant shall receive within 75 days of such termination a partial target award, prorated based on the portion of the Performance Period that elapsed prior to such termination of employment by reason of disability. 
ARTICLE VI
ADMINISTRATION
Section 6.1    Administration.
(a)    The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part to any subcommittee thereof; it is expected that, in the event the Committee is not comprised solely of “outside directors” within the meaning of Section 162(m) of the Code, a subcommittee comprised solely of at least two individuals who qualify as “outside directors” 

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within the meaning of Section 162(m) of the Code (or any successor section thereto) shall establish and administer the performance targets and certify that the performance targets have been attained; provided, however, that the failure of the subcommittee to be so constituted shall not impair the validity of any bonus award granted by such subcommittee.  
(b)    It shall be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions.  The Committee shall have the power to interpret the Plan, and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules.  The Committee’s decisions or actions in respect thereof shall be conclusive and binding upon any and all Participants and their beneficiaries, successors and assigns, and all other persons.  
ARTICLE VII
OTHER PROVISIONS
Section 7.1    Term.  This Plan, as approved by the Committee on April 13, 2015, shall be effective as of the annual meeting of stockholders in 2015 at which the Plan is approved by stockholders, with respect to bonus awards granted on or after the date of that meeting.
Section 7.2    Amendment, Suspension or Termination of the Plan.  This Plan does not constitute a promise to pay and may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board or the Committee; provided, however, that any such amendment or modification shall comply with all applicable laws and applicable requirements for exemption (to the extent necessary) under Section 162(m) of the Code.  
Section 7.3    Approval of Plan by Stockholders.  The Plan shall be submitted for the approval of the Company’s stockholders at the annual meeting of stockholders to be held in 2015.  In the event that the Plan is not so approved, no bonus award shall be payable under the Plan, and the Plan shall terminate and shall be null and void in its entirety.
Section 7.4    Bonus Awards and Other Plans.  Nothing contained in the Plan shall prohibit the Company from granting awards or authorizing other compensation to any Executive Officer under any other plan or authority or limit the authority of the Company to establish other special awards or incentive compensation plans providing for the payment of incentive compensation to the Executive Officers.
Section 7.5    Miscellaneous.
(a)    The Company shall deduct all federal, state and local taxes required by law to be withheld from any bonus award paid to a Participant hereunder.
(b)    In no event shall the Company be obligated to pay to any Participant a bonus award for a Performance Period by reason of the Company’s payment of a bonus award to such Participant in any other Performance Period.

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(c)    The rights of Participants under the Plan shall be unfunded and unsecured.  Amounts payable under the Plan are not and will not be transferred into a trust or otherwise set aside, except as provided in the MasterCard Incorporated Deferral Plan, in the event of a deferral thereunder.  The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any bonus award under the Plan.
(d)    Nothing in this Plan or in any instrument executed pursuant hereto shall confer upon any person any right to continue in the employment or other service of the Company, or shall affect the right of the Company to terminate the employment or other service of any person at any time with or without cause.
(e)    No rights of any Participant to payments of any amounts under the Plan shall be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of other than by will or by laws of descent and distribution, and any such purported sale, exchange, transfer, assignment, pledge, hypothecation or disposition shall be void.
(f)    Any provision of the Plan that is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Plan.
(g)    The validity, construction, interpretation and administration of the Plan and any bonus awards under the Plan and of any determinations or decisions made thereunder, and the rights of all persons having or claiming to have any interest herein or thereunder, shall be governed by, and determined exclusively in accordance with, the laws of New York (determined without regard to its conflict of laws provisions).

5Exhibit 10.1

 

 

Barbara G. Duncan

 

May 21, 2015

 

RE: Medgenics, Inc. (the “Company”)

 

 

Dear Barbara,

 

I am writing to you on behalf of the board of directors of the
Company to confirm arrangements with regard to the terms of appointment to office as a director of the Company from the date of
this letter.

 

		1	Definitions

 

For the purposes of this Letter, the following words or expressions
shall have the following meanings respectively:

 

		“Board”	means the board of directors of the Company,
including any committee of the Board duly constituted by it;

 

		“Businesses”	means:

 

		(a)	the business of the research, development, design, production,
manufacturing, marketing, sale, distribution and other commercial activities of any Group Company in relation to the Group’s
proprietary and/or licensed technology concerning a platform technology for the treatment of various diseases and/or chronic disorders
and conditions whereby a sliver of human dermal tissue is converted into an internal protein production plant, through ex vivo
transduction with a viral or non-viral vector, and the processed tissue is re-implanted under the human donor’s skin
to provide therapeutic levels of protein delivery; and

 

 

    	

    	 

    

 

 

		(b)	any other business that any Group Company shall at the relevant date;

 

		(i)	be engaged in and with which you shall have been concerned or involved to any material extent at any time during Your Appointment;
or

 

		(ii)	have determined to carry on with a view to developing any other biotechnical technology for commercial exploitation in the
future and in relation to which determination you shall at the Termination Date possess any material Confidential Business Information;

 

		“Confidential Business”	means all and any Corporate
Information, Marketing Information,

 

		“Information”	Technical Information and other information
(whether or not recorded in documentary form or on computer disk or tape) which the Company or any Group Company treats as confidential
or in respect of which it owes an obligation of confidentiality to any third party, which is not in the public domain:

 

		(a)	which you shall have acquired or shall hereafter acquire at any time during Your Appointment but which does not form part of
your own stock in trade; and

 

		(b)	which is not readily ascertainable to persons not connected with the Company or any Group Company;

 

		“Corporate Information”	means all and any information (whether
or not recorded in documentary form or on computer disk or tape) relating to the business methods, corporate plans, management
systems, finances, maturing new business opportunities or research and development projects of the Company or any Group Company;

 

		“DGCL”	means Delaware General Corporation Law;

 

		“Group”	means the Company and its affiliates,
including any company that controls, is controlled by, or is under common control with the Company, as defined in Rule 3b-18 of
the Securities Exchange Act of 1934, as amended from time to time, including, without limitation to the generality of the foregoing,
Medgenics Medical (Israel) Limited;

 

 

    	

    	 

    

 

 

		“Group Company”	means a member of the Group and “Group
Companies” shall be interpreted accordingly;

 

		“Marketing Information”	means all and any information (whether
or not recorded in documentary form or on computer disk or tape) relating to the marketing or sales of any past present or future
product or service of the Company or any Group Company including, without limitation, sales targets and statistics, market share
and pricing statistics, marketing surveys and plans, market research reports, sales techniques, price lists, discount structures,
advertising and promotional material, the names, addresses, telephone numbers, contact names and identities of customers and potential
customers of and suppliers and potential suppliers to the Company or any Group Company, the nature of their business operations,
their requirements for any product or service sold to or purchased by the Company or any Group Company and all confidential aspects
of their business relationship with the Company or any Group Company;

 

		“Material Interest”	means:

 

		(a)	the holding of any position as director, officer, employee, consultant, partner, principal or agent;

 

		(b)	the direct or indirect control or ownership (whether jointly or alone) of any shares (or any voting rights attached to them)
or debentures save for the ownership for investment purposes only of not more than five percent (5%) of the issued shares of any
company whose shares are listed on any national securities exchange (as defined in Section 3(a)(1) of the Securities Exchange Act
of 1934, as amended from time to time), or any similar exchange in jurisdictions outside the United States, including AIM; or

 

 

    	

    	 

    

 

 

		(c)	the direct or indirect provision of any finance;

 

other
than on behalf of any Group Company for the legitimate purposes of that Group Company;

 

		“Technical Information”	means all and any trade secrets, secret
formulae, processes, inventions, designs, know-how discoveries, technical specifications and other technical information (whether
or not recorded in documentary form or on computer disk or tape) relating to the creation, production or supply of any past, present
or future product or service of the Company or any Group Company;

 

		“Termination Date”	means the date of the termination of Your
Appointment; and

 

		“Your Appointment”	means your appointment to and holding
of office as a director of the Company as confirmed by this letter.

 

		2	Duties

 

		2.1	As a director of the Company you will be expected to exercise
the general fiduciary duties and duties of care and loyalty as provided under the DGCL and provide such advice and services as
the Board may reasonably require.

 

		2.2	The Board as a whole is collectively responsible for the
success of the Company. The Board’s role is to:

 

		2.2.1	provide entrepreneurial leadership of the Company within
a framework of prudent and effective controls, which enable risk to be assessed and managed;

 

		2.2.2	set the Group’s strategic aims, ensure that the
necessary financial and human resources are in place for the Company to meet its objectives and review management performance;
and

 

 

    	

    	 

    

 

 

		2.2.3	set the Company’s values and standards and ensure
that its obligations to its shareholders and others are understood and met.

 

		2.3	In your role as a non-executive director, you shall be
required to:

 

		2.3.1	constructively challenge and contribute to the development
of the Group’s strategy;

 

		2.3.2	scrutinize the performance of management in meeting
agreed goals and objectives and monitor the reporting of performance;

 

		2.3.3	satisfy yourself that financial information is accurate
and that financial controls and systems of risk management are appropriate, robust and defensible;

 

		2.3.4	endeavor to attend all meetings of the Board and the
annual and all other meetings of the shareholders of the Company;

 

		2.3.5	at all times comply with the certificate of incorporation
and bylaws of the Company, each as the same may be amended or restated from time to time;

 

		2.3.6	abide by your fiduciary duties as a director of the
Company;

 

		2.3.7	diligently perform your duties;

 

		2.3.8	immediately report your own wrongdoing or the wrongdoing
or proposed wrongdoing of any other employee or director of the Company of which you become aware to the Chairman of the Company;
and

 

		2.3.9	comply with the terms of the Code of Business Conduct
and Ethics adopted by the Board (a copy of which is annexed hereto) and any other code of practice issued by the Company from
time to time relating to dealing in the Company’s securities.

 

		2.4	In addition, your duties shall require that you shall:

 

		2.4.1	promote the highest standards of integrity, probity
and corporate governance throughout the Company, particularly at Board level;

 

		2.4.2	use your best endeavors to ensure that the Board receives
accurate, timely and clear information;

 

		2.4.3	use your best endeavors to ensure effective communication
with shareholders;

 

		2.4.4	use your best endeavors to facilitate the effective
contribution of non-executive directors and to ensure constructive relations are maintained between the executive and non-executive
directors;

 

		2.4.5	ensure that the performance of the Chief Executive Officer
(and of any other executive director(s) from time to time) is evaluated at least once a year; and

 

		2.4.6	at the request of the Company, serve on committees of
the Board as shall be agreed between you and the Chairman of the Company.

 

 

    	

    	 

    

 

 

		3	Time Commitment

 

You shall work such hours per week over the term Your Appointment
as are necessary for the proper performance of your duties as a non-executive director of the Company.

 

		4	FEES

 

You will be entitled to certain cash fees in connection with
your services as set forth below:

 

	i.	Annual retainer fee	$ 25,000
	ii.	Annual retainer fee for director acting as Chairman of Audit committee, if so appointed	$ 15,000

 

 

The annual retainer fees are paid on a fiscal year basis and
shall be prorated for any partial year of Board service. The fees and the terms prescribing the frequency of payment are subject
to change upon the determined of the Compensation Committee of the Board. On termination of your Appointment you will (if applicable)
be paid your director’s fee on a pro-rata basis, to the extent unpaid up to the Termination Date.

 

You will receive stock options to acquire 40,000 shares of common
stock upon Your Appointment. Such options will be issued under the Company’s Stock Incentive Plan, as amended (the “Stock
Plan”), and will vest in three equal installments, with the first 13,333 options vesting upon the first anniversary of the
effective date of Your Appointment, the second 13,333 options vesting on second anniversary of the effective date of Your Appointment
and the remaining options vesting on the third anniversary of the effective date of Your Appointment, subject in each case to your
continued service as a director of the Company. You will be entitled to participate in any equity compensation program established
for non-executive directors beginning in 2016. Currently, the Company has established a plan to make annual option grants under
the Stock Plan to be made immediately following the Company’s dissemination of its first or second quarter financial results
(such timing subject to the Compensation Committee’s discretion) of options to purchase 20,000 shares, having a 10 year term
and vesting 100% on the first anniversary of the grant. You acknowledge that the Company may determine to change this equity compensation
program and this Letter shall in no way be deemed to be a guarantee of future option grants. You will also be subject to the director’s
stock ownership guideline, which requires each director to own Company stock equal to no less than $75,000, and you will be given
up to five years from the effective date of Your Appointment to reach this threshold; stock options do not count towards this guideline.

 

 

    	

    	 

    

 

 

		5	Term of office

 

Your Appointment will commence on July 22, 2015 and shall continue
unless or until your successor is elected and qualified or until your earlier resignation or removal. You agree that you will give
not less than sixty (60) days’ (or such lesser period if agreed by the Board) prior notice in writing to the Company in the
event you wish to resign prior to the expiration of your term or in the event you do not wish to stand for re-election at the Company’s
annual meeting of stockholders.

 

For the avoidance of doubt, by your counter-signature hereto,
you acknowledge that your continuation in office is subject to the DGCL and the certificate of incorporation and bylaws of the
Company, each as the same may be amended or restated from time to time.

 

On termination of Your Appointment for whatever reason you will
promptly return to the Company all documents, records, keys, correspondence or other items in your possession or under your control
which relate in any way to the business or affairs of, or are the property of, the Company or any Group Company and all copies
thereof, regardless of the medium upon or in which such copies are stored or held. In addition, you will cease to use the Company’s
facilities and cease to hold yourself out as being a director of the Company.

 

		6	Expenses

 

The Company shall reimburse you in respect of all reasonable
travelling, hotel, entertainment and other out of pocket expenses properly and necessarily incurred by you in or about the performance
of your duties under this Agreement, subject to the production (if requested) of any receipts, vouchers and other supporting documentation
that the Company shall reasonably require.

 

		7	Confidentiality

 

		7.1	Both during the currency and after the Termination Date,
you will treat all Confidential Business Information as confidential and not use or disclose the same to any other party except:

 

		7.1.1	insofar as may be necessary for the proper and effective
performance of your duties as a director of the Company and then only to a person who shall be subject to equivalent, express,
written confidentiality obligations to the Company or a Group Company;

 

 

    	

    	 

    

 

 

		7.1.2	to the extent that such information is or (without default
of your part) becomes generally available to the public; or

 

		7.1.3	to the extent that you shall be required to disclose
the same by any applicable law or legally binding order of any court, government, semi-governmental authority, administrative
or judicial body, or a legally binding requirement of a stock exchange or regulator.

 

		7.2	If you are required to make a disclosure as contemplated
in clause 7.1.3:

 

		7.2.1	you must disclose only the minimum Confidential
Business Information required to comply with the applicable law, order or requirement; and

 

		7.2.2	before making such disclosure, you must:

 

		(a)	give the Company reasonable written notice of:

 

		(i)	the full circumstances of the requirement for disclosure
arising; and

 

		(ii)	the Confidential Business Information which you propose to disclose; and

 

		(b)	consult with the Company as to the form of the disclosure.

 

		7.3	By your counter-signature hereto, you acknowledge that:

 

		7.3.1	the Company and each Group Company possess a valuable
body of Confidential Business Information;

 

		7.3.2	the Company has given and will continue to give you
access to Confidential Business Information in order that you may carry out your duties hereunder;

 

		7.3.3	your duties include, without limitation, a duty of care
and a duty of loyalty as provided under the DGCL; and

 

		7.3.4	the disclosure of any Confidential Business Information
other than for the legitimate business purposes of the Company or any Group Company, including (without limitation) to an actual
or potential competitor of the Company or any Group Company could place such company at a serious competitive disadvantage and
could cause immeasurable (financial and other) damage to the Businesses

 

 

    	

    	 

    

 

 

and
that the obligations of confidentiality assumed under the provisions of this clause 7 are reasonable and necessary for the protection
of the Group, the Businesses and the Confidential Business Information.

 

		8	Other Interests and Restrictions

 

		8.1	It is accepted and acknowledged that you have business
interests other than those of the Company and that you have declared any potential conflicts that are apparent at present. If
you become aware of any potential conflicts of interest after the date hereof, these should be disclosed to the Chairman of the
Company and company secretary as soon as you become aware thereof.

 

		8.2	By your counter-signature hereto, you agree and undertake
that, during the term of Your Appointment, you shall not, without the Company’s written permission, assume or hold any Material
Interest in any person, firm or company which:

 

		8.2.1	impairs or might reasonably be thought by the Board
to impair your ability to act at all times in the best interests of the Company; or

 

		8.2.2	requires or might reasonably be thought by the Board
to require you to disclose any Confidential Business Information in order properly to discharge your duties to or to further your
interest in such person, firm or company.

 

		8.3	By your counter-signature hereto, you agree and undertake
that you will not, without the Company’s written permission, during the term of Your Appointment and for the period of 12
months after the Termination Date, in any part of the world, whether directly or indirectly:

 

		8.3.1	assume or hold a Material Interest in a business that
directly competes with the Company’s business at such time;

 

		8.3.2	solicit, or by any other means induce or seek to induce,
any person, firm or company with whom or which any Group Company transacts business (whether as customer, supplier, contractor,
licensor, adviser or otherwise in relation to the Business) to cease dealing with such Group Company or to restrict or vary the
terms upon which it deals with such Group Company; and

 

 

    	

    	 

    

 

 

		8.3.3	solicit or entice away or employ or engage or seek to
entice away from any Group Company any person who is and was at the Termination Date or at any time during the six (6) months
prior to the Termination Date a director, scientific adviser, regulatory adviser, bioscience engineer or other scientific, program,
product development, marketing, sales, licensing, research and development and/or other senior manager, key salesperson or secretary
(if any) assigned to you.

 

		8.4	By your counter-signature hereto, you agree and undertake
that you will not at any time after the Termination Date, represent or hold yourself out or permit yourself to be represented
or held out by any person, firm or company as being in any way then currently connected with or interested in the Company or any
Group Company other than (if such be the case) as the holder of shares, options and/or warrants in the Company.

 

		8.5	Each of the provisions of clauses 8.2, 8.3 and 8.4 and
(where applicable) the sub-clauses thereof is independent and severable from the remaining provisions and enforceable accordingly.
If any provision of the said clauses/sub-clauses shall be unenforceable for any reason but would be enforceable if part of the
wording thereof were deleted, it shall apply with such deletions as may be necessary to make it enforceable.

 

		8.6	You have given the undertakings contained in this clause
8 to the Company itself and to the Company as trustee for the benefit of each Group Company and will, at the request and cost
of the Company, promptly enter into direct undertakings with any Group Company which correspond to the undertakings in this clause
8.

 

		8.7	The Company agrees that each Material Interest that you
assume or hold as of the date hereof is hereby permitted.

 

		9	Independent Legal Advice

 

Occasions may arise when you consider that
you will need professional advice in connection with the performance of your duties as a director of the Company and you will be
able to consult the Company’s advisors for this purpose. Exceptional circumstances may occur when it may be appropriate for
you to seek such advice from independent advisors, at the Company’s expense. In such an event, you should, where reasonably
practical and not (in your reasonable judgment) prejudicial to the interests of the Company, consult with the Board or, if you
consider appropriate, the non-executive directors, prior to such advice being sought or expense being incurred.

 

 

    	

    	 

    

 

 

		10	Governing law and jurisdiction

 

This Letter shall be governed by and shall be interpreted in
accordance with the DGCL. The parties irrevocably submit to the non-exclusive jurisdiction of the state courts of Delaware, USA
in relation to all matters arising out of or in connection with this appointment letter.

 

On a more personal note, I want to tell you how pleased I am
that you are joining the Medgenics Board of Directors. I know that I speak for the other directors in saying that we look forward
to your leadership and contributions as a director. I would greatly appreciate if you would confirm your acceptance of the terms
of your appointment by signing and returning this Letter.

 

With kind regards,

 

 

/s/ Sol J. Barer

 

Sol J. Barer, Ph.D.

 

Duly authorized for and on behalf of the Board

 

 

I hereby acknowledge the above terms and agree and undertake
in the above terms.

 

 

/s/ Barbara G. Duncan

 

Barbara G. Duncan

 

 

June 9, 2015

 

Date

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