Document:

Unassociated Document

    CONSULTING
      AGREEMENT

    

    This
      Consulting agreement (“Agreement”) is entered into as of the date written below
      between AMARILLO BIOSCIENCES, INC., a Texas Corporation (“ABI”) and COMMONWEALTH
      ASSOCIATES (“Consultant”).

    

    WHEREAS,
      ABI
      wishes to engage the services of consultant and Consultant wishes to provide
      services to ABI all on the terms and conditions hereinafter set
      forth;

    

    THEREFORE,
      in
      consideration of these presents and for other good and valuable consideration
      the receipt and sufficiency of which are evidenced by the execution hereof,
      the
      parties hereby agree as follows:

    

    1.  This
      agreement shall be in force from the date shown above, for a period of 12
      months. Consultant shall be compensated by the grant of a stock option to
      purchase 1,000,000 shares of common stock. This option shall have a duration
      of
      12 months and can be exercised at the strike price of 20 cents per share, and
      shall be evidenced by an Option Agreement of even date herewith. This option
      shall have piggy back rights. Option was granted as an alternative to the normal
      fee of $20,000/month. (JMC)

     

    2.  Consultant
      shall render consulting services as and when requested by ABI, subject to
      Consultant’s availability, in the area of general financial consulting and
      capital formation.

     

    3.  Consultant
      acknowledges that as a consultant it is entitled to reimbursement for
      pre-approved travel expenses incurred while conducting business for
      ABI.

    

      
        	 	 
	AMARILLO
                BIOSCIENCES, INC.	 
	 	 	 
	 	 	 
	
                By:

              	
                /s/
                  Joseph M. Cummins 

              	
                /s/
                  Robert O’Sullivan 

              
	 	
                
                  

                  Joseph M. Cummins

              	
                
                  

                  Robert O’Sullivan

              
	 	
                President
                  and CEO

              	
                CEO
                  and President

              
	 	
                Commonwealth
                  Associates

              	 
	 	 	 
	
                 

              	
                20
                  July 07 

              	
                July
                  18, 2007 

              
	 	
                
                  

                  Date

              	
                
                  

                  DateUnassociated Document

    STOCK
      OPTION AGREEMENT

    June
      21, 2006

    

    

    THIS
      STOCK OPTION AGREEMENT
      (“Agreement”) is entered into by and between AMARILLO BIOSCIENCES, INC. (“ABI”),
      and TEEL BIVINS as Optionee (“Optionee”).

     

    WHEREAS,
      ABI and
      Optionee desire to enter into this Agreement to evidence the grant of options,
      and to set forth the terms of the Options granted to Optionee; 

     

    THEREFORE,
      in
      consideration of the mutual covenants and agreements herein expressed, and
      for
      other good and adequate consideration the receipt and sufficiency of which
      are
      evidenced by the execution hereof, ABI and Optionee hereby agree as
      follows:

     

    I.

    ADDITIONAL
      DEFINITIONS

    

    “33
      Act”
shall mean the Securities Act of 1933.

     

    II.

    THE
      AWARD

    

    This
      Agreement shall evidence the grant and award to Optionee of Options to purchase
      following shares of the voting common stock of ABI (the “Shares”): 

     

    
      	
              Number
                of Shares

            	
              Effective
                Date of Grant

            	
              Exercise
                Price

            
	 	 	 
	
              100,000

            	
              June
                21, 2006

            	
              $0.87

            

    

    

    The
      option Exercise Price is the closing price of ABI’s stock on the
      over-the-counter bulletin board on the date of this Agreement. The Options
      vest
      immediately, and are exercisable during a period of five (5) years from the
      date
      of this Agreement. 

     

    III.

    REORGANIZATION
      OF ABI

    

    In
      the
      event of a Reorganization of ABI as defined below, Optionee shall be given
      notice of such details of the Reorganization as are available to ABI, and shall
      have a period of thirty (30) days after receipt of such notice during which
      to
      exercise the Options. If Optionee does not exercise the Options within said
      thirty (30) day period, the Options shall laps in their entirety, and be of
      no
      further force or effect.

    

    As
      used
      herein, “Reorganization” shall be any merger, consolidation, conversion,
      combination, split-up, or sale of all or substantially all of the assets of
      ABI
      which has been approved by the shareholders, or any combination of the
      foregoing.

    

    
      
        

          Stock
            Option Agreement

          June
            21,
            2006

        

      

      
        Page
          1 of 5

        
          

        

      

      
        
        

      

       

    

    IV.

    ADJUSTMENTS

    

    In
      the
      event of any change in the outstanding Common Stock by reason of a stock
      dividend or distribution, stock split, reverse stock split, reclassification,
      or
      other similar event (excepting, however, any Reorganization as defined in
      Article III, above), the number of shares of Common Stock subject to Options,
      and the Option Price of the Options, shall be appropriately
      adjusted.

     

    V.

    GENERAL
      RESTRICTIONS

    

    Upon
      exercise of any of the Stock Options by Optionee, the Shares shall be issued
      to
      Optionee subject to any applicable restrictions under federal or state
      securities laws and regulations promulgated thereunder, and Optionee agrees
      to
      accept the Shares subject to such restrictions, and bearing any required or
      appropriate legends. There is no assurance that a market for the Shares will
      be
      available, although at the time of this Agreement, the common stock of ABI
      is
      traded on the over-the-counter bulletin board. Currently, Rule 144 promulgated
      under the 33 Act is available to permit sale of shares held for at least one
      (1)
      year; however, there is no assurance that ABI’s securities will continue to
      qualify for resale pursuant to Rule 144, and if at some point ABI should cease
      filing public reports under the Securities and Exchange Act of 1934, Rule 144
      would no longer be available. By entering into this Stock Option Agreement,
      ABI
      makes no representation that its securities will continue to qualify for resale
      under Rule 144, nor that its securities will continue to be traded on the
      over-the-counter bulletin board, or any other exchange. 

     

    VI.

    ASSIGNABILITY

    

    The
      Options shall not be assignable or transferable by Optionee except by Will
      or by
      the laws of descent and distribution, or pursuant to a qualified domestic
      relations order as defined by the Internal Revenue Code of 1986 or Title I
      of
      the Employee Retirement Income Security Act of 1974, as amended, or to a person
      or entity approved by ABI, in writing, or, provided there is no consideration
      for the transfer, to a member of Optionee’s immediate family, a trust or trusts
      for the benefit of such immediate family members, or a partnership in which
      the
      Optionee and such immediate family members are the only partners. For this
      purpose, “immediate family member” shall include the Optionee’s descendants,
      spouse, and spouses of descendants.

     

    Although
      limited transferability is allowed under the above-described conditions,
      Optionee should consult with competent tax and securities counsel before
      transferring options. It may be necessary to make appropriate disclosures to
      transferees, regarding lack of marketability. In addition, transfers of Options
      for value may cause Optionee to recognize taxable income.

     

    
      
        

          Stock
            Option Agreement

          June
            21,
            2006

        

      

      
        Page
          2 of 5

        
          

        

      

      
        
        

      

    

    VII.

    DEATH
      OF OPTIONEE

    

    Upon
      the
      death of the Optionee, any Option exercisable on the date of death may be
      exercised by the Optionee’s estate or by a person who acquires the right to
      exercise such Option by bequest or inheritance or by reason of the death of
      the
      Optionee, provided that such exercise occurs within both the remaining term
      of
      the Option, and within one (1) year after the Optionee’s death.

     

    VIII.

    ISSUANCE
      OF SHARES

    

    As
      soon
      as practicable after receipt of payment, ABI shall deliver to the Optionee
      a
      certificate or certificates evidencing the Shares. The Optionee shall become
      a
      shareholder of ABI with respect to common stock represented by certificates
      so
      issued and as such shall be fully entitled to receive dividends, to vote and
      to
      exercise all other rights of a shareholder. 

     

    IX.

    RULE
      16b-3 EXEMPTION

    

    The
      Options shall comply with the applicable provisions of Rule 16b-3 promulgated
      under the Securities and Exchange act of 1934, or any successor provision,
      and
      shall be deemed to contain such additional conditions or restrictions as may
      be
      required thereunder to qualify for the maximum exemption from Section 16 of
      the
      1934 Act with respect to transactions regarding the Options or the underlying
      common stock.

     

    X.

    REGISTRATION
      RIGHTS

    

    If
      at any
      time prior to the expiration of five (5) years from the date of this Agreement
      ABI files a registration statement under the 33 Act (including a post-effective
      amendment to a previous registration statement) which relates to a current
      offering of securities of any security holder of ABI (except in connection
      with
      an offering on Forms S-4 or S-8, or any other inappropriate form(s)), ABI shall
      offer to Optionee the opportunity to register or qualify the Shares by inclusion
      in the registration statement. ABI shall give 30 days prior written notice
      to
      Optionee of ABI’s intention to file a registration statement under the 33 Act,
      which notice shall constitute an offer to Optionee to have its Shares included
      in such registration statement, and Optionee shall notify ABI in writing within
      ten days thereafter if Optionee desires to accept such offer. Neither the
      delivery of such notice nor the acceptance by Optionee of such offer shall
      obligate ABI to file such registration statement and, notwithstanding the actual
      filing of the registration statement, ABI may at any time prior to its
      effectiveness elect not to pursue the registration without liability to
      Optionee. 

     

    In
      the
      event of any registration under the 33 Act of any of the Shares pursuant to
      this
      Article, Optionee shall be responsible for the registration costs associated
      with the blue sky registration of the Shares in any state in which ABI is not
      already registering shares of its common stock.

     

    
      
        

          Stock
            Option Agreement

          June
            21,
            2006

        

      

      
        Page
          3 of 5

        
          

        

      

      
        
        

      

       

    

    In
      the
      event of any registration under the 33 Act of any of the Shares underlying
      this
      Option, Optionee will be responsible for ensuring that the Shares are sold
      in
      strict compliance with the registration statement (including, without
      limitation, the plan of distribution to be included therein) and all other
      applicable federal and state securities laws and regulations.

     

    The
      Shares underlying this Option may be excluded from a registration statement
      at
      the reasonable election of ABI in the event all information essential for ABI
      and its counsel to prepare the registration statement is not furnished by
      Optionee, after Optionee, upon written request of ABI or its counsel, has been
      given a reasonable amount of time (not less than ten business days from the
      date
      such request has been sent to Optionee) to transmit the requested information
      to
      ABI and/or its counsel. 

     

    In
      the
      event of any registration of the Shares under the 33 Act pursuant to this
      Article, Optionee agrees to indemnify and hold harmless ABI and each affiliate
      and controlling person, as defined by the 33 Act, of ABI, each officer or
      employee of ABI who signs the registration statement, each director of ABI,
      each
      underwriter, and any and all affiliates and controlling persons, as defined
      by
      the 33 Act, of such persons against any and all losses, claims, damages or
      liabilities and will reimburse ABI and each of the foregoing persons for any
      losses, claims, damages or liabilities and for any legal or any other expenses
      incurred by each such person, if the statement or omission in respect of which
      such loss, claim, damage or liabilities is asserted was made in reliance upon
      and in conformity with information furnished to ABI in writing, by Optionee
      or
      on Optionee’s behalf specifically for use in connection with the preparation of
      such registration statement or the related prospectus.

     

    XI.

    NO
      RIGHTS AS A SHAREHOLDER

    

    Optionee
      shall have no rights as a shareholder with respect to the Shares unless and
      until certificates evidencing the Shares shall have been issued to
      Optionee.

     

    XII.

    TAX
      WITHHOLDING

    

    Upon
      the
      exercise of any of the Options, ABI shall have the right to require Optionee
      to
      pay to ABI the amount of any taxes that are required by law to be withheld
      with
      respect to such exercise. 

     

    XIII.

    TAX
      CONSIDERATIONS

    

    ABI
      does
      not and will not render tax advice to Optionee. Optionee represents that he
      will
      consult his own tax advisor with respect to the tax aspects of both the exercise
      of the Options, and the disposition of the Shares. The Options are not qualified
      stock options within the meaning of the Internal Revenue Code of 1986, and
      therefore, the exercise of the Options may be expected to be a taxable
      event.

     

    
      
        

          Stock
            Option Agreement

          June
            21,
            2006

        

      

      
        Page
          4 of 5

        
          

        

      

      
        
        

      

    

     

    XIV.

    RELINQUISHMENT
      OF PRIOR OPTIONS

    

    The
      Options evidenced by this Agreement are issued, in part, in consideration of
      the
      relinquishment by Optionee of prior options evidenced under that certain Stock
      Option Agreement between ABI and Optionee dated April 21, 2006. Accordingly,
      the
      parties stipulate that this Agreement, and the options evidenced by this
      Agreement, replace in their entirety the prior Stock Option Agreement of April
      21, 2006, and any and all options exercisable thereunder. The parties agree
      that
      the Stock Option Agreement of April 21, 2006 is hereby terminated, and is of
      no
      further force or effect.

    

    XV.

    ENTIRE
      AGREEMENT

    

    This
      Agreement is the only such agreement in force between ABI and Optionee regarding
      options granted on the dates of grant hereinbefore shown. 

     

    

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

    
       

      
        	 	 	 
	 	ABI:
	 	 
	 	AMARILLO BIOSCIENCES, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Joseph
                M.
                Cummins 
	 	
                
Joseph
                M. Cummins, President
	 	 

      
        	 	 	 
	 	OPTIONEE:
	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	/s/ Teel
                Bivins 
	 	
                

                
                  TEEL
                    BIVINS

                

              
	 	 

      

    

     

    
      
        

          Stock
            Option Agreement

          June
            21,
            2006

        

      

      
        Page
          5 of 5

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