Document:

Exhibit 10.3

 

MATERIALS
AND RESEARCH DATA LICENSE AGREEMENT

 

Whereas, Wake Forest University (“WFU”), through its Wake Forest University
School of Medicine, with offices at Medical Center Boulevard
, Winston Salem, NC 27157, and Advanced
Cell Technology, Inc. (“ACT”), with offices at One Innovation
Drive, Worcester, Massachusetts 01520, have entered into an Agreement Relating
to the Transfer of Biological Materials (“ARTBM”) signed by the parties on
January 28, 2000 and February 3, 2000, respectively.

 

Whereas, ACT wishes to commercialize certain
of the data and materials described in the ARTBM

 

Whereas, WFU wishes to license to ACT certain
exclusive rights to certain data and materials described in the ARTBM.

 

Now, therefore, WFU and ACT hereby agree to
the following terms and conditions:

 

1.             For the purposes of this Agreement, terms
used in the ARTBM which are used in this Agreement and not defined herein will
have the same definition in this Agreement as in the ARTBM.

 

2.             Upon the terms and conditions of this
Agreement, WFU grants to ACT and ACT accepts from WFU a worldwide, exclusive,
royalty-free, perpetual, irrevocable (so long as ACT does not breach the terms
of this Agreement), fully paid up right and license to (i) use certain data
developed or to be developed by ACT subject to the ARTBM as generally described
in Appendix A attached hereto (“Data”), in support of a patent application
filed by ACT, and commercializing, selling or licensing any
technology relating to or derived from such Data by, or on behalf of, ACT
and/or such patent and any related patent applications or continuations,
continuations-in-part, divisions, renewals, reissues, reexaminations or
extensions thereof, as well as any counterpart foreign applications, and any
patent issuing from any of the foregoing created or reduced to practice by, or
on behalf of, ACT (collectively, “Patents”) and commercializing, selling or
licensing any technology relating to or derived from such Data and/or such
Patents; and (ii) use stem cells and stem cell cultures created by, or on
behalf of, ACT (“Stem Cells”) from Material provided by WFU under the ARTBM for
ACT’s research purposes only, whether such research is internal to ACT or in
collaboration with other non-profit or academic institutions.

 

3.             The right and license granted to use the Stem
Cells in paragraph 2(ii) above does not include the right to use, sell, lease, license or transfer the Stem Cells for any other purpose,
including for commercial sale or use. If ACT wishes to use, sell, lease, license
or transfer such cells for any other purpose, including commercial sale to, or
use by, a third party, ACT will negotiate with WFU to acquire a royalty-bearing
license for such right and license prior to any such sale or use.

 

4.             The right and license granted in paragraph 2
above is subject to the rights and obligations of the United States Government
under federal funding requirements, if applicable.

 

5.             ACT agrees to use commercially-reasonable
efforts to commercialize Data and Stem Cells.  
WFU agrees and acknowledges that the preceding sentence shall be
construed liberally in favor of ACT and that, without limitation of the
foregoing, the filing and prosecution by ACT of a patent application disclosing
the Data and the distribution of the

 

 

Stem Cells to non-profit and
academic institutions for research purposes shall be deemed to fulfill ACT’s
obligations under this paragraph 5.

 

6.             ACT will provide to WFU reasonable samples of
Stem Cells for WFU’s research, educational,  
and teaching purposes upon the request of WFU. WFU shall promptly
disclose to ACT the conception or reduction to practice of any commercially
useful discovery or invention that results directly
from research using the Stem Cells (the “Stem Cell Research Results”). WFU
hereby grants to ACT a first option to obtain an exclusive, worldwide license
to any intellectual property rights claimed by WFU in such Stem Cell Research
Results (the “License Option”). ACT must exercise the License Option upon
written notice to WFU within sixty (60) days after the written disclosure of
the particular Stem Cell Research Result by WFU to ACT, or the License Option
shall thereupon expire. In the event ACT exercises the License Option, ACT and
WFU shall attempt to negotiate in good faith an exclusive worldwide license
agreement containing commercially reasonable terms and pricing consistent with
relevant industry standards. If the parties are unable to reach agreement
within ninety (90) days after the date upon which ACT exercised the License
Option (the “Negotiation Period”), then WFU will be free to offer such rights
to third parties; provided, however, that for a period of six (6) months after
the Negotiation Period, WFU may only offer such rights to third parties on
financial terms and pricing which are no more favorable than those offered to
or by ACT, unless the more favorable financial terms and pricing have first
been offered in writing to ACT and either (i) ACT has declined in writing to
accept to accept such terms and pricing or (ii) ACT has not responded after a
period of thirty (30) days from the date of such offer.

 

7.             In consideration for the right and license
granted in Section 2 above, ACT agrees that its parent corporation, A.C.T.
Group, Inc., a Delaware corporation (“Group”), will issue to WFU sixty thousand
(60,000) shares of Group common stock. The Group stock issued to WFU is not
refundable or creditable against future royalties, if any.

 

8.             THE MATERIAL AND DATA ARE EXPERIMENTAL IN
NATURE AND ARE PROVIDED ON AN “AS IS” BASIS WITHOUT WARRANTIES OR
REPRESENTATIONS OF ANY SORT, EXPRESS OR IMPLIED, AS TO, BUT NOT LIMITED TO,
THEIR FITNESS FOR THE PURPOSE SPECIFIED ABOVE. WFU MAKES NO REPRESENTATION OR
WARRANTY THAT THE USE OF THE MATERIAL OR THE DATA WILL NOT INFRINGE ANY PATENT
OR OTHER PROPRIETARY RIGHT. IN NO EVENT IS WFU LIABLE FOR ANY USE BY ACT OF THE
MATERIAL OR THE DATA OR ANY LOSS, CLAIM, DAMAGE OR LIABILITY, OF WHATSOEVER
KIND OR NATURE, WHICH MAY ARISE FROM OR IN CONNECTION WITH THIS AGREEMENT OR
THE USE,  SHIPPING, HANDLING OR STORAGE
OF THE MATERIAL OR THE DATA.

 

9.             ACT must indemnify, defend and hold harmless
WFU, its trustees, officers, and staff from and against any and all loss, cost,
claims, actions, suits and liability arising out of ACT’s use, handling or
disposal of Materials, Data, Patents or Stem Cell Research Results or any right
or license granted hereunder; provided that any such liability is not caused by
the gross negligence or willful misconduct of WFU, its officers, trustees,
employees, staff or agents.

 

10.           ACT may assign or otherwise transfer this
Agreement and the license granted hereby and the rights acquired by it
hereunder; provided, however, that such assignee or transferee agrees in
writing to be bound by the terms and conditions of this Agreement.

 

2

 

11.           Except as expressly provided for in this
Agreement, no right or license, either express or implied, to the Material,
Data, Patents or Stem Cell Research Results or any patent or patent application
covering the foregoing is granted by the execution of this Agreement or the
transfer of any material(s) or data hereunder.

 

12.           This Agreement is governed, interpreted and
controlled by the laws of North Carolina, excluding its conflict of laws
provisions.

 

13.           Except as expressly provided for herein, all
terms and conditions of the ARTBM remain in full force and effect.

 

14.           Paragraphs 1, 2, 6, 7, 8, 9, 10, 11 and 14
survive termination or expiration of this Agreement.

 

15.           This Agreement constitutes the parties’ entire
agreement with respect to the subject matter hereof, and supercedes any and all
prior oral or written agreements, expressions or understanding with respect
thereto. This Agreement may be amended only by a writing executed by both
parties.

 

 

	
  Advanced
  Cell Technology, Inc.

  	
  Wake
  Forest University (through its

  Wake Forest University School of

  Medicine)

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signed:

  	
  /s/ Michael
  D. West

  	
   

  	
  Signed:

  	
  /s/ Spencer
  Lemons

  	
   

  
	
  Authorized Representative 

  	
  Spencer Lemons, Director

  Technology Asset Management

  
	
   

  	
   

  
	
  Name: Michael
  D. West

  	
   

  
	
   

  	
  Date:

  	
  1/26/2001

  	
   

  
	
  Title:  President

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  1/24/01

  	
   

  
										

 

3Exhibit 10.3.1

 

ASSIGNMENT

 

THIS ASSIGNMENT is made effective July 1,
2002, by Wake Forest University, on behalf of Wake Forest University School of
Medicine (“WFU”);

 

WITNESSETH:

 

Whereas, WFU and Advanced Cell Technology,
Inc. entered into that Materials Transfer and Research Data License Agreement,
effective January 28, 2000, (the “Agreement”); and

 

WHEREAS, WFU desires to assign such Agreement
to WAKE FOREST UNIVERSITY HEALTH SCIENCES, a North Carolina non-profit
corporation, (“WFUHS”), which entity is a wholly-controlled subsidiary of Wake
Forest University;

 

NOW, THEREFORE, WFU hereby takes the
following action:

 

1.             WFU
hereby assigns all of its rights and obligations under the Agreement, effective July 1, 2002, to WAKE FOREST
UNIVERSITY HEALTH SCIENCES; and

 

2.             effective
July 1, 2002, all payments
to be made under the Agreement to WFU shall be paid instead to WAKE FOREST
UNIVERSITY HEALTH SCIENCES, using Employer Identification Number (“EIN”)
22-3849199; and

 

3.             effective July 1, 2002, all
notices to be provided under the agreement to WFU shall be provided instead to
WAKE FOREST UNIVERSITY HEALTH SCIENCES, at the following notice address:

 

Director, Office of Technology Asset
Management

Wake Forest University Health Sciences

Medical Center Boulevard

Winston-Salem, NC 27157-1023

 

Wake Forest University

 

 

	
  By:

  	
  /s/ Spencer K. Lemons

  	
   

  
	
  Spencer K. Lemons

  Director

  Office of Technology Asset Management

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