Document:

Consulting Agreement

 Exhibit 10.2 
 MULTICELL TECHNOLOGIES, INC. 
 CONSULTING AGREEMENT 
 This Consulting Agreement (“Agreement”) is entered into as of September 28, 2006 by and between Multicell Technologies, Inc.
(the “Company”) and Gerard A. Wills (“Consultant”). This Agreement shall be effective seven (7) days following the execution by Consultant of that certain Separation Agreement and Release between
the Company and Consultant dated as of the date hereof if Consultant shall not have revoked the Separation Agreement during such 7-day period. The Company desires to retain Consultant as an independent contractor to perform consulting services for
the Company, and Consultant is willing to perform such services, on the terms described below. In consideration of the mutual promises contained herein, the parties agree as follows: 
 1. Services and Compensation. Consultant agrees to perform for the Company the services described in Exhibit A (the
“Services”), and the Company agrees to pay Consultant the compensation described in Exhibit A for Consultant’s performance of the Services. 
 2. Confidentiality. 
 A. Definition. “Confidential Information” means any non-public information that relates to the actual or anticipated business or research and development of the Company, technical data, trade secrets or
know-how, including, but not limited to, research, product plans or other information regarding Company’s products or services and markets therefor, customer lists and customers (including, but not limited to, customers of the Company on whom
Consultant called or with whom Consultant became acquainted during the term of this Agreement), software, developments, inventions, processes, formulas, technology, designs, drawing, engineering, hardware configuration information, marketing,
finances or other business information. Confidential Information does not include information that (i) is known to Consultant at the time of disclosure to Consultant by the Company as evidenced by written records of Consultant, (ii) has
become publicly known and made generally available through no wrongful act of Consultant or (iii) has been rightfully received by Consultant from a third party who is authorized to make such disclosure. 
 B. Nonuse and Nondisclosure. Consultant will not, during or subsequent to the term of this Agreement, (i) use the Confidential
Information for any purpose whatsoever other than the performance of the Services on behalf of the Company or (ii) disclose the Confidential Information to any third party. Consultant agrees that all Confidential Information will remain the
sole property of the Company. Consultant also agrees to take all reasonable precautions to prevent any unauthorized disclosure of such Confidential Information. Without the Company’s prior written approval, Consultant will not directly or
indirectly disclose to anyone the existence of this Agreement or the fact that Consultant has this arrangement with the Company. 
 C. Former Client Confidential Information. Consultant agrees that Consultant will not, during the term of this Agreement, improperly use or disclose any proprietary information or trade secrets of any former or current employer of
Consultant or other person or entity with which Consultant has an agreement or duty to keep in confidence information acquired by Consultant, if 

 
any. Consultant also agrees that Consultant will not bring onto the Company’s premises any unpublished document or proprietary information belonging to
any such employer, person or entity unless consented to in writing by such employer, person or entity. 
 D. Third Party
Confidential Information. Consultant recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the
confidentiality of such information and to use it only for certain limited purposes. Consultant agrees that, during the term of this Agreement and thereafter, Consultant owes the Company and such third parties a duty to hold all such confidential or
proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out the Services for the Company consistent with the Company’s agreement with such third
party. 
 E. Return of Materials. Upon the termination of this Agreement, or upon Company’s earlier request,
Consultant will deliver to the Company all of the Company’s property, including but not limited to all electronically stored information and passwords to access such property, or Confidential Information that Consultant may have in
Consultant’s possession or control. 
 3. Ownership. 
 A. Assignment. Consultant agrees that all copyrightable material, notes, records, drawings, designs, inventions, improvements,
developments, discoveries and trade secrets conceived, discovered, developed or reduced to practice by Consultant, solely or in collaboration with others, during the term of this Agreement that relate in any manner to the business of the Company
that Consultant may be directed to undertake, investigate or experiment with or that Consultant may become associated with in work, investigation or experimentation in the Company’s line of business in performing the Services under this
Agreement (collectively, “Inventions”), are the sole property of the Company. Consultant also agrees to assign (or cause to be assigned) and hereby assigns fully to the Company all Inventions and any copyrights, patents, mask
work rights or other intellectual property rights relating to all Inventions. 
 B. Further Assurances. Consultant
agrees to assist Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s rights in Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating to all
Inventions in any and all countries, including the disclosure to the Company of all pertinent information and data with respect to all Inventions, the execution of all applications, specifications, oaths, assignments and all other instruments that
the Company may deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns and nominees the sole and exclusive right, title and interest in and to all Inventions, and any
copyrights, patents, mask work rights or other intellectual property rights relating to all Inventions. Consultant also agrees that Consultant’s obligation to execute or cause to be executed any such instrument or papers shall continue after
the termination of this Agreement. 
 C. Pre-Existing Materials. Subject to Section 3.A, Consultant agrees that
if, in the course of performing the Services, Consultant incorporates into any Invention developed under this 

  

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Agreement any pre-existing invention, improvement, development, concept, discovery or other proprietary information owned by Consultant or in which
Consultant has an interest, (i) Consultant will inform Company, in writing before incorporating such invention, improvement, development, concept, discovery or other proprietary information into any Invention, and (ii) the Company is
hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, use and sell such item as part of or in connection with such Invention. Consultant will not incorporate any invention, improvement,
development, concept, discovery or other proprietary information owned by any third party into any Invention without Company’s prior written permission. 
 D. Attorney-in-Fact. Consultant agrees that, if the Company is unable because of Consultant’s unavailability, dissolution,
mental or physical incapacity, or for any other reason, to secure Consultant’s signature for the purpose of applying for or pursuing any application for any United States or foreign patents or mask work or copyright registrations covering the
Inventions assigned to the Company in Section 3.A, then Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Consultant’s agent and attorney-in-fact, to act for and on
Consultant’s behalf to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyright and mask work registrations with the same legal force and effect as if
executed by Consultant. 
 4. Conflicting Obligations. 
 A. Conflicts. Consultant certifies that Consultant has no outstanding agreement or obligation that is in conflict with any of the
provisions of this Agreement or that would preclude Consultant from complying with the provisions of this Agreement. Consultant will not enter into any such conflicting agreement during the term of this Agreement. Consultant’s violation of this
Section 4.A will be considered a material breach under Section 6.C. 
 B. Substantially Similar Designs. In
view of Consultant’s access to the Company’s trade secrets and proprietary know-how, Consultant agrees that Consultant will not, without Company’s prior written approval, design identical or substantially similar designs as those
developed under this Agreement for any third party during the term of this Agreement and for a period of 12 months after the termination of this Agreement. Consultant acknowledges that the obligations in this Section 4 are ancillary to
Consultant’s nondisclosure obligations under Section 2. 
 5. Reports. Consultant also agrees that Consultant will, from
time to time during the term of this Agreement or any extension thereof, keep the Company advised as to Consultant’s progress in performing the Services under this Agreement. Consultant further agrees that Consultant will, as requested by the
Company, prepare written reports with respect to such progress. The Company and Consultant agree that the time required to prepare such written reports will be considered time devoted to the performance of the Services. 
 6. Term and Termination. 
 A. Term. The term of this Agreement will begin on the date of this Agreement and will continue until the earlier of (i) December 31, 2006 or (ii) termination as provided in Section 6.B. 
  

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 B. Termination. The Company may terminate this Agreement immediately and without
prior notice if Consultant refuses to or is unable to perform the Services or is in breach of any material provision of this Agreement. 
 C. Survival. Upon such termination, all rights and duties of the Company and Consultant toward each other shall cease except: 
 (1) The Company will pay, within 30 days after the effective date of termination, all amounts owing to Consultant for Services completed
and accepted by the Company prior to the termination date and related expenses, if any, submitted in accordance with the Company’s policies and in accordance with the provisions of Section 1 of this Agreement; and 
 (2) Section 2 (Confidentiality), Section 3 (Ownership), Section 4 (Conflicting Obligations), Section 7 (Independent
Contractor; Benefits), Section 8 (Indemnification), Section 9 (Nonsolicitation) and Section 10 (Arbitration and Equitable Relief) will survive termination of this Agreement. 
 Notwithstanding anything to the contrary herein, in the event of a termination of this Agreement by the Company prior to December 31, 2006 due to
reasons other than (a) Consultant’s refusal to or inability to perform the Services or Consultant’s breach of any material provision of this Agreement, then the Company shall continue to pay Consultant, within 30 days after the
effective date of such termination, the compensation set forth in Exhibit A through December 31, 2006 in accordance with the Company’s regular payroll practices. 
 7. Independent Contractor; Benefits. 
 A. Independent Contractor. It is the express intention of the Company and Consultant that Consultant perform the Services as an independent contractor to the Company. Nothing in this Agreement shall in
any way be construed to constitute Consultant as an agent, employee or representative of the Company. Without limiting the generality of the foregoing, Consultant is not authorized to bind the Company to any liability or obligation or to represent
that Consultant has any such authority. Consultant agrees to furnish (or reimburse the Company for) all tools and materials necessary to accomplish this Agreement and shall incur all expenses associated with performance, except as expressly provided
in Exhibit A. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement. Consultant agrees to and acknowledges the obligation to pay all
self-employment and other taxes on such income. 
 B. Benefits. The Company and Consultant agree that Consultant will
receive no Company-sponsored benefits from the Company. If Consultant is reclassified by a state or federal agency or court as Company’s employee, Consultant will become a reclassified employee and will receive no benefits from the Company,
except those mandated by state or federal law, even if by the terms of the Company’s benefit plans or programs of the Company in effect at the time of such reclassification, Consultant would otherwise be eligible for such benefits. 

 

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 8. Indemnification. Consultant agrees to indemnify and hold harmless the Company and its
directors, officers and employees from and against all taxes, losses, damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising directly or indirectly from or in connection with (i) any
negligent, reckless or intentionally wrongful act of Consultant or Consultant’s assistants, employees or agents, (ii) a determination by a court or agency that the Consultant is not an independent contractor, (iii) any breach by the
Consultant or Consultant’s assistants, employees or agents of any of the covenants contained in this Agreement, (iv) any failure of Consultant to perform the Services in accordance with all applicable laws, rules and regulations, or
(v) any violation or claimed violation of a third party’s rights resulting in whole or in part from the Company’s use of the work product of Consultant under this Agreement. 
 9. Nonsolicitation. From the date of this Agreement until 12 months after the termination of this Agreement (the “Restricted
Period”), Consultant will not, without the Company’s prior written consent, directly or indirectly, solicit or encourage any employee or contractor of the Company or its affiliates to terminate employment with, or cease providing
services to, the Company or its affiliates. During the Restricted Period, Consultant will not, whether for Consultant’s own account or for the account of any other person, firm, corporation or other business organization, intentionally
interfere with any person who is or during the period of Consultant’s engagement by the Company was a partner, supplier, customer or client of the Company or its affiliates. 
 10. Arbitration and Equitable Relief. 
 A. Arbitration. IN CONSIDERATION OF CONSULTANT’S RIGHTS UNDER THIS AGREEMENT, THE COMPANY’S PROMISE TO ARBITRATE DISPUTES UNDER THIS AGREEMENT, AND THE RECEIPT OF COMPENSATION PAID TO CONSULTANT BY
THE COMPANY, AT PRESENT AND IN THE FUTURE, CONSULTANT AGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES WITH ANYONE (INCLUDING THE COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR, SHAREHOLDER OR BENEFIT PLAN OF THE COMPANY IN ITS CAPACITY AS
SUCH OR OTHERWISE), WHETHER BROUGHT ON AN INDIVIDUAL, GROUP, OR CLASS BASIS, ARISING OUT OF, RELATING TO, OR RESULTING FROM CONSULTANT’S PERFORMANCE OF THE SERVICES UNDER THIS AGREEMENT OR THE TERMINATION OF THIS AGREEMENT, INCLUDING ANY BREACH
OF THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE ARBITRATION RULES SET FORTH IN CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 1280 THROUGH 1294.2, INCLUDING SECTION 1283.05 (THE “RULES”) AND
PURSUANT TO CALIFORNIA LAW. DISPUTES WHICH CONSULTANT AGREES TO ARBITRATE, AND THEREBY AGREES TO WAIVE ANY RIGHT TO A TRIAL BY JURY, INCLUDE ANY STATUTORY CLAIMS UNDER STATE OR FEDERAL LAW, INCLUDING, BUT NOT LIMITED TO, CLAIMS UNDER TITLE VII OF
THE CIVIL RIGHTS ACT OF 1964, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE OLDER WORKERS BENEFIT PROTECTION ACT, THE SARBANES-OXLEY ACT, THE WORKER ADJUSTMENT AND RETRAINING NOTIFICATION ACT, THE
CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, THE FAMILY AND MEDICAL LEAVE ACT, THE CALIFORNIA FAMILY RIGHTS ACT, THE CALIFORNIA LABOR CODE, CLAIMS OF HARASSMENT, DISCRIMINATION AND WRONGFUL TERMINATION AND ANY 

  

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STATUTORY CLAIMS. CONSULTANT FURTHER UNDERSTANDS THAT THIS AGREEMENT TO ARBITRATE ALSO APPLIES TO ANY DISPUTES THAT THE COMPANY MAY HAVE WITH CONSULTANT.

 B. Procedure. CONSULTANT AGREES THAT ANY ARBITRATION WILL BE ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION
(“AAA”), AND THAT THE NEUTRAL ARBITRATOR WILL BE SELECTED IN A MANNER CONSISTENT WITH AAA’S NATIONAL RULES FOR THE RESOLUTION OF EMPLOYMENT DISPUTES. CONSULTANT AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE
ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION, MOTIONS TO DISMISS AND DEMURRERS, AND MOTIONS FOR CLASS CERTIFICATION, PRIOR TO ANY ARBITRATION HEARING. CONSULTANT ALSO AGREES THAT THE
ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE LAW, AND THAT THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY EXCEPT AS PROHIBITED BY LAW. CONSULTANT UNDERSTANDS THAT THE COMPANY
WILL PAY FOR ANY ADMINISTRATIVE OR HEARING FEES CHARGED BY THE ARBITRATOR OR AAA, EXCEPT THAT CONSULTANT SHALL PAY THE FIRST $125.00 OF ANY FILING FEES ASSOCIATED WITH ANY ARBITRATION CONSULTANT INITIATES. CONSULTANT AGREES THAT THE ARBITRATOR SHALL
ADMINISTER AND CONDUCT ANY ARBITRATION IN A MANNER CONSISTENT WITH THE RULES AND THAT TO THE EXTENT THAT THE AAA’S NATIONAL RULES FOR THE RESOLUTION OF EMPLOYMENT DISPUTES CONFLICT WITH THE RULES, THE RULES SHALL TAKE PRECEDENCE. CONSULTANT
AGREES THAT THE DECISION OF THE ARBITRATOR SHALL BE IN WRITING. 
 C. Remedy. EXCEPT AS PROVIDED BY THE RULES AND THIS
AGREEMENT, ARBITRATION SHALL BE THE SOLE, EXCLUSIVE AND FINAL REMEDY FOR ANY DISPUTE BETWEEN THE COMPANY AND CONSULTANT. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THE RULES AND THIS AGREEMENT, NEITHER THE COMPANY NOR CONSULTANT WILL BE PERMITTED TO
PURSUE COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION. NOTWITHSTANDING, THE ARBITRATOR WILL NOT HAVE THE AUTHORITY TO DISREGARD OR REFUSE TO ENFORCE ANY LAWFUL COMPANY POLICY, AND THE ARBITRATOR SHALL NOT ORDER OR REQUIRE THE COMPANY
TO ADOPT A POLICY NOT OTHERWISE REQUIRED BY LAW. 
 D. Availability of Injunctive Relief. CONSULTANT AGREES THAT EITHER
THE COMPANY OR CONSULTANT MAY PETITION A COURT FOR PROVISIONAL RELIEF, INCLUDING INJUNCTIVE RELIEF, AS PERMITTED BY THE RULES, INCLUDING, BUT NOT LIMITED TO, WHERE EITHER THE COMPANY OR CONSULTANT ALLEGES OR CLAIMS A VIOLATION OF THIS AGREEMENT
BETWEEN CONSULTANT AND THE COMPANY OR ANY OTHER AGREEMENT REGARDING TRADE SECRETS, CONFIDENTIAL INFORMATION, NONSOLICITATION OR LABOR CODE §2870. CONSULTANT UNDERSTANDS THAT ANY BREACH OR THREATENED BREACH OF 

  

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SUCH AN AGREEMENT (INCLUDING THIS AGREEMENT) WILL CAUSE IRREPARABLE INJURY AND THAT MONEY DAMAGES WILL NOT PROVIDE AN ADEQUATE REMEDY THEREFOR AND BOTH
CONSULTANT AND THE COMPANY HEREBY CONSENT TO THE ISSUANCE OF AN INJUNCTION. 
 E. Administrative Relief. CONSULTANT
UNDERSTANDS THAT THIS AGREEMENT DOES NOT PROHIBIT CONSULTANT FROM PURSUING AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE OR FEDERAL ADMINISTRATIVE BODY SUCH AS THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION
OR THE WORKERS’ COMPENSATION BOARD. THIS AGREEMENT DOES, HOWEVER, PRECLUDE CONSULTANT FROM PURSUING COURT ACTION REGARDING ANY SUCH CLAIM. 
 F. Voluntary Nature of Agreement. CONSULTANT ACKNOWLEDGES AND AGREES THAT CONSULTANT IS EXECUTING THIS AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE. CONSULTANT
FURTHER ACKNOWLEDGES AND AGREES THAT CONSULTANT HAS CAREFULLY READ THIS AGREEMENT AND THAT CONSULTANT HAS ASKED ANY QUESTIONS NEEDED FOR CONSULTANT TO UNDERSTAND THE TERMS, CONSEQUENCES AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND IT,
INCLUDING THAT CONSULTANT IS WAIVING ITS RIGHT TO A JURY TRIAL. FINALLY, CONSULTANT AGREES THAT CONSULTANT HAS BEEN PROVIDED AN OPPORTUNITY TO SEEK THE ADVICE OF AN ATTORNEY OF ITS CHOICE BEFORE SIGNING THIS AGREEMENT. 
 11. Miscellaneous. 
 A. Governing Law. This Agreement shall be governed by the laws of California without regard to California’s conflicts of law rules. 
 B. Assignability. Except as otherwise provided in this Agreement, Consultant may not sell, assign or delegate any rights or obligations under this Agreement. 
 C. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this
Agreement and supersedes all prior written and oral agreements between the parties regarding the subject matter of this Agreement. 
 D. Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement. 
 E. Notices. Any notice or other communication required or permitted by this Agreement to be given to a party shall be in writing and shall be deemed given if delivered personally or by commercial messenger or
courier service, or mailed by U.S. registered or certified mail (return receipt requested), to the party at the party’s address written below or at such other address as the party may have previously specified by like notice. If by mail,
delivery shall be deemed effective three business days after mailing in accordance with this Section 11.E. 
  

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 (1) If to the Company, to: 
             Multicell Technologies, Inc. 
             701 George Washington Highway 
             Lincoln, RI 02865 
             Attention: Chief Executive Officer 
 (2) If to Consultant, to the address for notice on the signature page to this Agreement or, if no such address is provided, to the last
address of Consultant provided by Consultant to the Company. 
 F. Attorneys’ Fees. In any court action at law or
equity that is brought by one of the parties to this Agreement to enforce or interpret the provisions of this Agreement, the prevailing party will be entitled to reasonable attorneys’ fees, in addition to any other relief to which that party
may be entitled. 
 G. Severability. If any provision of this Agreement is found to be illegal or unenforceable, the
other provisions shall remain effective and enforceable to the greatest extent permitted by law. 
 (signature page follows)

  

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 IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the date first
written above. 
  

									
	CONSULTANT	 		 	MULTICELL TECHNOLOGIES, INC.
					
	By:	 	 /s/ Gerard A. Wills
	 		 	 By:
	 	 /s/ Stephen Chang

					
	Name:	 	 Gerard A. Wills
	 		 	Name:	 	 Stephen Chang

					
	Title:	 	  	 		 	Title:	 	 CEO & President

  

	
	Address for Notice:
	
	 3044 SPRUCEWOOD LANE

	
	 ESCONDIDO, CA 92027

 Signature Page to the Consulting Agreement 

 EXHIBIT A 
 SERVICES AND COMPENSATION 
 1. Contact. Consultant’s principal Company contact:

 Name: W. Gerald Newmin 
 Title:
Chairman of the Board of Directors and Secretary 
 2. Services. The Services shall include, but shall not be limited to, the
following: 
  

	 	•	 	Preparation of the Company’s periodic securities filings, including without limitation the Company’s Form 10-QSB for the period ending August 31, 2006;

  

	 	•	 	Assist in the preparation of the Company’s financial statements, including without limitations interacting with the Company’s auditors and outside legal counsel; and

  

	 	•	 	Assist the Company’s CFO with respect to day-to-day activities. 

 3. Compensation. 
 A. The Company will pay Consultant $10,612.00 every two weeks.

 B. The Company will reimburse Consultant for all reasonable expenses incurred by Consultant in performing the Services
pursuant to this Agreement, if Consultant receives written consent from an authorized agent of the Company prior to incurring such expenses and submits receipts for such expenses to the Company in accordance with Company policy. 
 Every month, Consultant shall submit to the Company a written invoice for expenses, and such statement shall be subject to the approval of the contact
person listed above or other designated agent of the Company. 
 The Company will reimburse Consultant for all cell phone charges related to
the business made through December 31, 2006 upon proper submission of an invoice evidencing same. The Company shall also reimburse Consultant for any early termination fees incurred by Consultant at the request of the Company for cancellation
of communication services. 
 The Company and Consultant agree that Consultant will provide services to the Company through October 16,
2006, for which the Company will pay the Consultant at the pay rate above through December 31, 2006. If Consultant does not find other full-time employment after October 15, 2006, the Company may request, and Consultant will be obligated
to provide, services through December 31, 2006. If the Company is unable to find a suitable replacement for Consultant’s services, the Company may request that the Consultant provide services after December 31, 2006 at the pay rate
described above. 

 This Exhibit A is accepted and agreed as of September 28, 2006. 
  

									
	CONSULTANT	 		 	MULTICELL TECHNOLOGIES, INC.
					
	By:	 	  	 		 	By:	 	  
					
	 Name:
	 	  	 		 	 Name:
	 	  
					
	 Title:
	 	  	 		 	 Title:
	 	  

  

 -2-Convertible Promissory Note

 Exhibit 4.1 
 THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES THAT MAY BE ACQUIRED PURSUANT TO THIS CONVERTIBLE PROMISSORY NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THIS CONVERTIBLE PROMISSORY NOTE AND SUCH OTHER SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF A REGISTRATION STATEMENT AND LISTING
APPLICATION IN EFFECT WITH RESPECT TO THIS CONVERTIBLE PROMISSORY NOTE OR SUCH OTHER SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAW, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND LISTING
ARE NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION. 
 CONVERTIBLE PROMISSORY NOTE 
  

			
	US $ 500,000	 	As of September 19, 2006

 FOR VALUE RECEIVED, E-centives, Inc., a Delaware corporation (the “Company”), having an address
of 6901 Rockledge Drive, 6th Floor, Bethesda, Maryland 20817, hereby promises to pay to the order of US Venture
05, Inc. (the “Holder”), at the offices of Holder at c/o Friedli Corporate Finance, Freigutstrasse 5, 8002 Zürich, or such other place as may be designated by Holder to the Company in writing, the aggregate principal amount
of Five Hundred Thousand U.S. Dollars (US $500,000) together with accrued unpaid interest on the unpaid principal amount hereof, upon the terms and conditions hereinafter set forth. 
 1. Payment Terms. The Company promises to pay to Holder the balance of Principal, together with accrued unpaid interest, on September 30, 2007, unless
this Note is earlier prepaid as herein provided or earlier converted into Series C preferred stock, par value US $0.01 per share, of the Company (the “Series C Preferred Stock”) pursuant to Section 3 hereof. All payments
hereunder shall be made in lawful money of the United States of America. Payment shall be credited first to the accrued interest then due and payable and the remainder to Principal. 
 2. Interest. Interest on the outstanding portion of Principal of this Note shall accrue at a rate of ten percent (10%) per annum. All computations of interest shall be made on the basis of a 365-day
year for actual days elapsed. Such interest shall be paid in arrears on the last business day of each successive one year anniversary of the date of this Note. 
 3. Conversion of this Note. 
 (a) Conversion. This Note shall be convertible into shares of Series C Preferred Stock
at any time by the Holder at the Note Conversion Rate (hereinafter defined) as hereinafter provided. The conversion price will be US $4.00 per share of Series C Preferred Stock (the “Note Conversion Rate”). The number of shares of Series C
Preferred Stock to which the Holder shall be entitled upon such conversion shall be equal to the product of: the aggregate principal amount outstanding under this Note at the time of such conversion, together with accrued unpaid interest, divided
by the Note Conversion Rate. 

 (b) Conversion Calculations: No Fractional Shares. Conversion calculations pursuant to this
Section 3 shall be rounded to the nearest whole share of Series C Preferred Stock, and no fractional shares shall be issuable by the Company upon conversion of this Note. Conversion of this Note shall be deemed payment in full of this
Note and this Note shall thereupon be cancelled. 
 4. Subordination. The indebtedness evidenced hereby is subordinate in right of payment to all
existing and future bank indebtedness, including lease and equipment finance obligations, as well as all other indebtedness designated as superior to that contemplated herein. The indebtedness represented hereby is senior in right of payment to all
classes and series of the Company’s capital stock. The indebtedness represented hereby is pari passu with any and all convertible debt securities issued by the Company. 
 5. Redemption. This Note may be redeemed by the Company at any time by payment of the entire principal and interest outstanding under this Note in cash to Holder. 
 6. Representations and Warranties of the Company. The Company represents and warrants to Holder as follows: 
 (a) The execution and delivery by the Company of this Note (i) are within the Company’s corporate power and authority, and (ii) have been
duly authorized by all necessary corporate action. 
 (b) This Note is a legally binding obligation of the Company, enforceable against the
Company in accordance with the terms hereof, except to the extent that (i) such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’
rights and (ii) the availability of the remedy of specific performance or in injunctive or other equitable relief is subject to the discretion of the court before which any proceeding therefore may be brought. 
 7. Representations, Warranties and Covenants of Holder. Holder represents and warrants to the Company, and agrees, as follows: 
 (a) This Note and any Series C Preferred Stock issuable upon conversion of this Note and any shares of Common Stock, par value $0.01 per share, of the
Company issued upon conversion of the Series C Preferred Stock (the “Common Stock” and, together with this Note and the Series C Preferred Stock, the “Securities”) are being acquired by Holder for its own account for investment
and not with a view to, or for sale in connection with, any distribution thereof. 
 (b) Holder is an “accredited investor” within
the meaning of Rule 501 under the Securities Act. 
 (c) Holder has sufficient knowledge and experience in financial and business matters and
is capable of evaluating the risks and merits of Holder’s investment in the Company; Holder has been provided all necessary and appropriate information about the Company to make an informed investment decision with respect to this Note; has
been provided the opportunity to make all necessary and appropriate inquiries of the Company regarding Company’s business and associated risks, and Company has complied with all such requests; and Holder is able financially to bear the risk of
losing Holder’s full investment in this Note. 
 (d) Holder understands that none of the Securities have been registered under the
Securities Act or registered or qualified under any the securities laws of any state or other jurisdiction, are “restricted securities,” and cannot be resold or otherwise transferred unless they are registered under the 

 Securities Act, and registered or qualified under any other applicable securities laws, or an exemption from such
registration and qualification is available. Prior to any proposed transfer of any Securities, Holder shall, among other things, give written notice to the Company of its intention to effect such transfer, identifying the transferee and describing
the manner of the proposed transfer and, if requested by the Company, accompanied by (i) investment representations by the transferee similar to those made by Holder in this Section 7 and (ii) an opinion of counsel satisfactory
to the Company to the effect that the proposed transfer may be effected without registration under the Securities Act and without registration or qualification under applicable state or other securities laws. Each certificate for any Securities
shall bear the following legend: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
ANY STATE SECURITIES LAW. THE SHARES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAW, (II) A “NO ACTION” LETTER OF THE
SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH SALE OR OFFER, OR (III) AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE CORPORATION THAT REGISTRATION UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAW IS NOT REQUIRED WITH RESPECT
TO SUCH SALE OR OFFER. 
 8. Use of Proceeds. The proceeds received by the Company from the sale of this Note shall be used by the Company for working
capital or other general corporate purposes. 
 9. No Waiver in Certain Circumstances. No course of dealing of Holder nor any failure or delay by
Holder to exercise any right, power or privilege under this Note shall operate as a waiver hereunder and any single or partial exercise of any such right, power or privilege shall not preclude any later exercise thereof or any exercise of any other
right, power or privilege hereunder. 
 10. Certain Waivers by the Company. Except as expressly provided otherwise in this Note, the Company and every
endorser or guarantor, if any, of this Note waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral available to Holder, if any, and to the addition or release of any other party or person primarily or secondarily liable. 

11. No Unlawful Interest. Notwithstanding anything herein to the contrary, payment of any interest or other amount hereunder shall not be required if such
payment would be unlawful. In any such event, this Note shall automatically be deemed amended so that interest charges and all other payments required hereunder, individually and in the aggregate, shall be equal to but not greater than the maximum
permitted by law. 
 12. Security Interest. The Company’s obligations under this Note are secured by a grant of a security interest to Holder in
all tangible and intangible assets of Company for which Company retains sole title as of the date of this Note (the “Collateral”). The Collateral includes all equipment, fixtures, intellectual property (including patents), cash and cash
equivalents, software, personal property, and receivables. Notwithstanding anything to the contrary herein all (a) leases and other contracts, (b) licenses (including to software and intellectual property), (c) the Company’s
rights under such leases, other contracts and licenses and (d) any property that is the subject of such leases, other contracts and licenses, shall not constitute Collateral pursuant to this Note. In the case Company fails to materially perform
its repayment 

 obligations under this Note, and such default is continuing (“Default”), the Holder may exercise, without
further notice, all rights and remedies under this Note or are otherwise available at law. In the case of such Default, the Holder will give the Company not less than 30 business days prior written notice of its intended disposition of the
collateral, provided, however, if Company cures such Default prior to expiration of such notice period, Default will be not deemed to have occurred and Holder shall have no rights to the Collateral. For the purpose of enforcing any and all rights
and remedies under this Agreement, the Holder may (i) require the Company to, upon Holder’s reasonable request, assemble all or any part of the Collateral as directed by the Holder and make it available at the Company’s headquarters,
(ii) to the extent permitted by applicable law, enter, without breach of the peace, any premise where any such Collateral is or may be located and, reasonably seize and remove such Collateral from such premises, (iii) direct the Company to
reasonably provide relevant information from the Company’s books and records relating to the Collateral, and (iv) prior to the disposition of any of the Collateral, store or transfer the Collateral, process, repair or recondition such
Collateral or otherwise prepare it for disposition in any manner and to the extent the Holder deems reasonably appropriate. Notwithstanding anything to the contrary herein, the Security Interest granted hereby is expressly limited the amount of any
unpaid Principal and accrued unpaid interest under this Note and Holder shall exercise the foregoing rights in such a fashion so as to minimize disruption to Company and its business operations and only to the extent necessary to recover such unpaid
Principal and accrued unpaid interest. The Holder and the Company shall work in good faith to effectuate the intent of the previous sentence. The security interest provided hereby shall expire upon the payment in full of all Principal and accrued
unpaid interest or the occurrence of the Conversion Date. Holder will execute any documents or instruments the Company may reasonably request to evidence such expiration. 
 13. Miscellaneous. No modification, rescission, waiver, forbearance, release or amendment of any provision of this Note shall be made, except by a written agreement duly executed by the Company and Holder. This
Note may not be assigned by Holder without the prior written consent of the Company. The Company and Holder each hereby submits to personal jurisdiction in the State of Maryland, consents to the jurisdiction of any competent state or federal
district court sitting in the City or County of Montgomery County, Maryland, and waives any and all rights to raise lack of personal jurisdiction as a defense in any action, suit or proceeding in connection with this Note or any related matter.
Service of Process may be effectuated by Company by providing such Service to Holder by Certified Mail, and in the case such Service is undeliverable by providing such Service to the Maryland Department of Assessments and Taxation. This Note shall
be governed by, and construed and interpreted in accordance with, the laws of the State of Maryland, without reference to conflicts of law provisions of such state. 
 [Remainder of this page intentionally left blank] 

 IN WITNESS WHEREOF, the undersigned have caused this Convertible Promissory Note to be executed and delivered by a duly
authorized officer as of the date first above written. 
  

			
	E-centives, Inc.
		
	By:	 	 /s/ Kamran Amjadi

	Name:	 	Kamran Amjadi
	Title:	 	Chief Executive Officer

  

			
	ACCEPTED AND AGREED:
	
	Holder
		
	By:	 	 /s/ Peter Friedli

	Name:	 	Peter Friedli
	Title:	 	President

 Convertible Promissory Note 
 As of September 19, 2006 
 US Venture 05, Inc. 
 $ 500,000

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