EX-10.3 8 exhibit_10-3.htm EXHIBIT 10.3 exhibit_10-3.htm
Exhibit 10.3
 
AMENDMENT TO SHAREHOLDERS' AGREEMENT
 
This Amendment to Shareholders' Agreement (the "Amendment") dated as of January __, 2015, is made by and among Check-Cap Ltd. (the "Company"), the Shareholders and the Lenders (as such terms are defined in the Shareholders' Agreement).  The Company, Shareholders and Lenders are hereinafter collectively referred to as the "Parties."
 
WHEREAS,
the Parties are parties to that certain Amended and Restated Shareholders' Agreement, dated October 14, 2014 (the "Shareholders' Agreement"). Capitalized terms used, but not defined herein, shall have the meaning ascribed to such terms in the Shareholders' Agreement, of which this Amendment constitutes an integral part; and
 
WHEREAS,
the Parties desire to amend the Shareholders' Agreement, as more fully set forth herein.
 
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
 
1.
Subject to and immediately prior to the consummation of an initial public offering of the Company's securities (the "IPO"), provided that the consummation of the IPO shall occur no later than December 31, 2015, Section 2 (Issues Relating to the Board of Directors) and Section 3 (Information Rights) of the Shareholders' Agreement shall be deleted in their entirety and shall have no further force and effect.
 
2.
Except as otherwise provided herein, the provisions of the Shareholders' Agreement (including its exhibits and schedules) shall remain in full force and effect. In the event of any inconsistency between the provisions of this Amendment and the terms of the Shareholders' Agreement, the provisions of this Amendment will prevail.
 
3.
This Amendment may be signed in counterparts and delivered electronically or via facsimile, each such counterpart (whether delivered electronically, via facsimile or otherwise), when executed, shall be deemed an original and all of which together constitute one and the same agreement.
 
[Signature Page to Follow]
 
 
 
 
 
IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
COMPANY:
 
Check Cap Ltd.
 
By:     ______________
 
Title: ______________
 
[SIGNATURE PAGE 1 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
 
2
 
 
IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
THE SHAREHOLDERS:
 
GE Ventures Limited
 
By:                                        
Title:                                        
 
BioSec Ltd.
 
By:                                          
Title:                                          
Pontifax (Israel) II – Individual Investor, L.P.
 
By:                                          
Title:                                          
Pontifax (Israel) II L.P.
 
By:                                         
Title:                                        
Pontifax (Cayman) II L.P.
 
By:                                        
Title:                                         
 
Spearhead Investments (Bio) Ltd.
 
By:                                         
Title:                                         
Docor International B.V.
 
By:                                         
Title:                                         
Jacobs Investments Company LLC
 
By:                                          
Title:                                         
 
Counterpoint Ventures Fund LP
 
By:                                         
Title:                                         
 
Counterpoint Ventures Fund II LP
 
By:                                        
Title:                                         
BXR Portfolio Limited
 
By:                                                
Title:                                        
Remer Holdings Inc.
 
By:                                         
Title:                                        
 
Paddy McGwire
 
By:                                        
OGI Infrastructure Telecom (pte) Ltd.
 
By:                                                
Title:                                        
 
Bamna Holdings Ltd.
 
By:                                        
Title:                                        
Asher Haddad
 
By:                                         
Michael and Dorit Cohen
 
By:                                        
 

[SIGNATURE PAGE 2 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
 
3
 
 
IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
THE SHAREHOLDERS:
 
Nachum Friedman
 
By:                                         
J. Rieger Ltd.
 
By:                                             
Title:                                             
   
Mishor Dahan technologies Ltd.
 
By:                                             
Title:                                                
Tricko Fuchs Ltd.
 
By:                                         
Title:                                                
 
E.E.T. Holdings Ltd.
 
By:                                             
Title:                                                
87215 Canada Ltd.
 
By:                                             
Title:                                                
Anfield Ltd.
 
By:                                             
Title:                                           
     
Danny Silbiger
 
By:                                             
Reuven Adler
 
By:                                             
Ray Graf
 
By:                                            
 
Michael Warren
 
By:                                             
Jake Foley III
 
By:                                             
ARZ Chemicals Ltd.
 
By:                                             
Title:                                                
 
Collace Services Ltd.
 
By:                                             
Title:           
Alon Barda
 
By:                                             
Edward L. McCallum Jr.
 
By:                                          
   
Gabriella Ravid
 
By:                                             
Arik Lukatch
 
By:                                             
Meir Heth
 
By:                                             
 
Tal & Michal Rivkind
 
By:                                             
Shevlin Ciral
 
By:                                             
Moshit & Ron Yaffe
 
By:                                             
Derek Locke
 
By:                                             
Perry Goldberg
 
By:                                             

[SIGNATURE PAGE 3 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
 
4
 
 
 
IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
THE SHAREHOLDERS:
 
Gary Kneisel
 
By:                                        
LeRoy C. Prichard
 
By:                                        
Cary Kalant and Maria Kalant JTWROS
 
By:                                        
 
D. Gideon Searle
 
By:                                       
MPI 2008
 
By:                                        
Title:                                        
 
Red Car Group
 
By:                                        
Title:                                        
Ari Kalman
 
By:                                        
Lawrence & Terence Byrne JTWROS
 
By:                                        
 
Eunice Diane Goldberg
 
By:                                        
Larry Byrne
 
By:                                        
Sheila Saporito
 
By:                                        
Emigrant Alternative Investments LLC
 
By:                                        
Title:                                        
 
Shimon Yakobov
 
By:                                        
Thomas C. Reynolds
 
By:                                        
Stephen A. Frost
 
By:                                        
 
E. Scott Jackson Irrevocable Family Trust
 
By:                                        
Title:                                        
        
Fred B Walters Irrevocable Family Trust (together with
Roger Walters Irrevocable Family Trust)
 
By:                                        
Title:                                        
          
Marianne B. Kipper Separate Property Trust Est. 1-14-88, Marianne B. Kipper, Trustee
 
By:                                        
Title:                                        
 
Amir Avni
 
By:                                        
Norman Jackson
 
By:                                        
Samuel and Renee Sax Trust u/a/d 3/3/2004
 
By:                                        
Title:                                        
 
[SIGNATURE PAGE 4 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
 
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IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
THE SHAREHOLDERS:
 
Lawrence Oberman
 
By:                                              
 
Jody Williams
 
By:                                        
David Gelfand
 
By:                                        
Moked Ituran Ltd.
 
By:                                        
Title:                                        
 
Hertzel Bybabyov
 
By:                                        
Sid Black
 
By:                                        
Mark Sweeny
 
By:                                        
Thomas F. Sax
 
By:                                        
Eddo Dinstein
 
By:                                           
 
Tamar Ozeri
 
By:                                        
 
Sigalit Kimchy
 
By:                                        
Yoav Kimchy
 
By:                                              
 
Andy Logan
 
By:                                        
John Hayes
 
By:                                        
Stuart Schwartz
 
By:                                            
 
William (Irwin) and Linda Horwitch
 
By:                                        
Sebastian Sax Supplemental Needs Trust u/a/d 3/3/2004
 
By:                                             
Title:                                        
 
Grant McCullagh
 
By:                                       
Peter Ricker
 
By:                                        
Richard E. Kipper Separate Property Trust Est. 1-14-88, Richard E. Kipper, Trustee
 
By:                                        
Title:                                        
Stanley Green and Adrienne Green, as joint tenants
 
By:                                        
 

[SIGNATURE PAGE 5 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
 
6
 
 
IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
THE SHAREHOLDERS:
 
Boaz Benzur
 
By:                                                   
 
Yitzchak Ostashinsky
 
By:                                        
 
Yitzchak Abudy
 
By:                                        
 
Dan Eilat
 
By:                                         
 
Yoram Shafek
 
By:                                        
 
Eldad Halevi
 
By:                                        
Bruch Nachmias
 
By:                                               
 
Zvika Kelich
 
By:                                             
 
Ilan Eilat
 
By:                                        
 
Helios Investments Pte Limited
 
By:                                            
Title:                                        
Rami Shlinger
 
By:                                        
 
  

[SIGNATURE PAGE 6 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
 
7
 
 
IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
LENDERS WHO ARE NOT SHAREHOLDERS:
 
Shanghai Fosun Pharmaceutical Group Co. Ltd.
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
  
Joshua Ehrlich
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
 
Bart Superannuation Pty Ltd.
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
 
  
Nir Grinberg
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
Avraham Kuzitsky
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
 
  
DPC Big Bay Properties Trust
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
Pinchas Dekel
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
  
Sharon Zaworbach
 
By:           _________________________
 
Name: _________________________
 
Title:  _________________________
 
Minrav Holdings Ltd.
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
  
Moshe Haviv
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________

[SIGNATURE PAGE 7 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
 
8
 
 
IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
LENDERS WHO ARE NOT SHAREHOLDERS:
 
H.M.L.K Financial Consulting Ltd.
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
 
  
Capital Point Ltd.
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
 
Yossi Smira
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
  
Norm Jackson
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
 
Emil Mor- Business & Financial Consulting Ltd.
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
  
Scott Jackson
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
 
Uri Perelman
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
  
Dor Benvenisty
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
 
Everest Fund L.P.
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
  
Harmony (Ben Dov) Ltd.
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________

[SIGNATURE PAGE 8 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
 
9
 
 
IN WITNESS WHEREOF, the Parties have signed this Amendment to Shareholders' Agreement as of the date first hereinabove set forth.
 
LENDERS WHO ARE NOT SHAREHOLDERS:
 
Red Car Group
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________
  
Yossi Avraham
 
By: _________________________
 
Name: _________________________
 
Title:  _________________________

[SIGNATURE PAGE 9 OF 9 OF AMENDMENT TO SHAREHOLDERS' AGREEMENT]
 
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