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SPONSORED RESEARCH AGREEMENT	Page 1

    

 

SPONSORED RESEARCH AGREEMENT 

 

THIS
SPONSORED RESEARCH AGREEMENT (the “Agreement”) is effective as of the date of the last signature herein (the
"Effective Date"), by and between:

 

	 

        The Washington
        University

        One Brookings
        Drive

         

        St. Louis, MO
        63130

         
	 

         

        and
	 

        Amarantus
        Bioscience Holdings, Inc.

        953 Indiana Street,

        San Francisco,
        CA 94107

         

	an academic institution

        (“Institution”)

         
	a Nevada corporation,

        ("Amarantus"),

         

 

WHEREAS,
Fumihiko Urano, MD, PhD (“Investigator”), a full-time employee of Institution, desires to perform certain research
using Amarantus’ proprietary compound;

 

WHEREAS,
Amarantus desires to support the costs of such research and to transfer to Investigator certain materials for the purpose
of conducting the research.

 

NOW
THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth below, Amarantus and Institution
hereby agree as follows:

 

 

		1.	Research.Institution,
during the Term, agrees to undertake and perform a research project (the "Research") as described in the research plan
attached as Exhibit A hereto (the “Research Plan”) with the consent of and financial support from Amarantus.
Investigator agrees to use reasonable efforts to perform the Research and will furnish the research staff, technical know-how,
equipment, instruments, supplies and facilities necessary to carry out the Research. Investigator agrees that all work done on
the Research will be duly recorded and evidenced in laboratory notebooks maintained by the Investigator and the persons working
on the Research at Investigator’s direction.

 

		2.	Funding.

 

a.Amarantus
will provide funding to Institution to support the performance of the Research in accordance with the budget set forth on Exhibit
B (the “Budget”). Such funding will be provided in two (2) equal payments according to the following schedule:

 

(i)The
first payment will be due thirty (30) days following Amarantus’ receipt of a fully-executed copy of this Agreement.

 

(ii)The
second and final payment will be made within thirty (30) days of Amarantus’ receipt of Investigator’s final written
report following completion of the Research.

 

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 2

    

 

b.The
total sum set forth in the Budget represents the maximum amount payable to Institution hereunder, unless agreed otherwise in writing
by the parties. Such amount shall be paid on a fixed-price basis and all funds provided
by Amarantus under this Agreement shall be solely used for the performance of the Research, except that Amarantus agrees
that Institution will retain residual funds, if any, upon completion of the Research. Payments will be made by check, sent to:

 

Washington
University

Sponsored
Projects Accounting

Campus
Box 1034

700
Rosedale Avenue

St.
Louis, MO 63112-1408

FAX
314-935-4309

 

c.Amarantus
acknowledges that Institution maintains the status of a nonprofit/tax exempt
institution. While the parties do not anticipate that Amarantus will be required to withhold taxes from payments made under this
Agreement, to the extent that any reporting/withholding may be required pursuant to applicable federal, state and local laws or
regulations, Amarantus will report any payments to Institution and be allowed to withhold from Institution’s payments any
applicable taxes.

 

		3.	Materials.

a.The
materials described in Exhibit C attached hereto (the “Materials”) are provided by Amarantus to Institution
to be used only in the Research. The Research shall be limited to investigational tests in vitro or in laboratory research
animals.

 

b.If
animal studies have been proposed, Investigator has considered in vitro approaches to the research and has followed the NIH guidelines
regarding such work. No animals receiving the Materials in the Research (nor animal products derived therefrom) will be used for
food purposes.

 

c.Upon
receipt of the Materials, Investigator shall conduct the Research in strict accordance with all applicable laws, regulations and
guidelines, including without limitation, those regulations and guidelines promulgated by the U.S. Food and Drug Administration
and the U.S. Department of Agriculture and any other regulations and guidelines relating to ethical treatment of animals.

 

d.Institution
agrees that it will not perform any experiments with the Materials, other than those required to complete the Research Plan, unless
specifically agreed to in advance in writing by an authorized Amarantus representative. Institution understands that the Materials
may have biological and/or chemical properties that are unpredictable and unknown at the time of transfer, that they are to be
used with caution and prudence. The Institution agrees that while it is in possession of the Materials they shall not be
used in humans under any circumstances.

 

e.None
of the Materials shall be used by persons who are not under Investigator’s direct supervision or used outside of Investigator’s
laboratory.

 

f.Institution
shall use the Materials solely for the purpose of conducting the Research and shall not attempt to reverse engineer, deconstruct,
synthesize, chemically modify, analyze or in any way determine the structure or composition of the Materials.

 

g.The
Materials are proprietary to Amarantus and Amarantus is and shall remain at all times
the sole owner of the Materials. Institution shall not sell, transfer, disclose or otherwise provide access to the Materials,
including any analogs, derivatives and/or reproducible portions thereto obtained as a consequence of conducting the Research,
to any person or entity without the prior express written consent of Amarantus, except that Institution may allow access to the
Materials to their employees or agents for the purpose of conducting the Research.
Institution shall take all reasonable steps to ensure that such employees and agents will use the Materials in a manner
that is consistent with the terms of this Agreement.

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 3

    

 

h.Upon
completion or earlier termination of the Research, Institution shall, at Amarantus’ written directions and expense, return
or dispose of any unused portions of the Materials. Any such disposal will conform to prescribed federal, state and local guidelines
and will be certified to Amarantus in writing by an authorized Institution representative.

 

		4.	Reports.Investigator
shall provide Amarantus with a detailed description of all tests and a copy of all results from any experiment carried out with
the Materials within sixty (60) days after completion of each experiment. Subject to
the provisions of Section 6 below, Amarantus shall have the right to use such reports
or descriptions for any purpose whatsoever. Investigator will provide an additional
report upon termination of this agreement which discloses all Technical Material and all Inventions conceived or reduced to practice
in relation to this agreement. All such reports shall set forth the technical progress made, identifying such problems as may
have been encountered and establishing goals and objectives requiring further effort.

 

		5.	Confidential Information.

 

a.The
parties acknowledge that, prior to and during the Term of this Agreement, the parties may disclose to one another scientific,
technical, trade secret, business, or other information which is treated by the disclosing party as confidential (“Confidential
Information”). Confidential Information shall specifically exclude Technical Materials.
Each
party shall maintain all Confidential Information provided by the other party in trust and confidence and shall not use
such Confidential Information for any purpose other than to exercise its rights and perform its obligations under this Agreement.
In addition, neither party shall publish, disseminate or otherwise disclose any Confidential Information
of the other party to any third party without the written consent of the
other party, except as provided below. Both parties agree that in order to ensure that each party understands which information
is deemed to be confidential, all Confidential Information will be in written form and clearly marked as “Confidential,”
or if the Confidential Information is initially disclosed in oral or some other
non-written form, it will be confirmed and summarized in writing and clearly marked as “Confidential” within thirty
(30) days of disclosure, provided however that failure to so mark or summarize shall
not alter the confidential status of such information if a reasonable person under similar circumstances would recognize, by the
content and/or context of such disclosure, that the disclosure was intended as confidential. Each party may disclose and
disseminate the other party’s Confidential Information for the purposes
of conducting the Research only to those employees or agents with a need to know, and only after those employees and agents have
been advised of the confidential nature of such information, and who are bound by an obligation of confidentiality under terms
substantially similar to and at least as protective of such Confidential Information
as the terms of this Agreement.

 

b.The
term “Confidential Information” shall not be deemed to include information which the receiving party can demonstrate
by its contemporaneous written records:

 

(i)was
known to the receiving party without confidentiality obligations from a source
other than the disclosing party before the date of disclosure hereunder, or

 

(ii)is
now, or becomes in the future, publicly available other than by breach of this Agreement by the receiving party, or

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 4

    

 

(iii)is
lawfully disclosed to the receiving party on a non-confidential basis by a third party who is not obligated to the disclosing
party or any other party to retain such Confidential
Information in confidence, or

 

(iv)is
independently developed by the receiving party without use or benefit of or reference
to the disclosing party’s Confidential Information, or

 

(v)
is approved for release by written authorization of the disclosing party.

 

Any
combination of features or disclosures shall not be deemed to fall within the foregoing exclusions merely because individual features
are published or available to the general public or in the rightful possession of the receiving party unless the combination itself
and principle of operation are published or available to the general public or are in the rightful possession of the
receiving party without obligations of confidentiality.

 

c.Nothing
in Section 5.a above shall prevent the receiving party from disclosing Confidential Information that is required by legal process
to be disclosed by order of a court, government agency or the like having competent jurisdiction, provided that the receiving
party (i) notifies the disclosing party as promptly as possible upon becoming aware of such requirement, (ii) discloses only such
portion of such Confidential Information as is required to be so disclosed, (iii) cooperates reasonably with the disclosing party
in seeking protective order(s) or injunctive relief to protect the confidentiality of such Confidential Information, at the disclosing
party’s expense, and (iv) the obligations in this Article 5 shall continue to
apply to any Confidential Information that is disclosed to comply with such legal requirements.

 

d.Obligations
of confidentiality under Section 5 shall survive and remain in effect for a period of  three (3)
years from the termination of this Agreement.

 

e.Upon
completion or earlier termination of the Research, the receiving party shall return to the disclosing party
all copies of Confidential Information in its possession, except that each party may retain one (1) copy of such information
in its legal files, solely for the purpose of ascertaining the extent of its continuing obligations hereunder.

 

		6.	Publication.
Amarantus recognizes that consistent with Institution’s status as an educational institution and the principles of academic
freedom, Institution requires that its researchers be free to publish the results of their research activities. Amarantus agrees
that Investigator and other researchers engaged in the Research shall have the right to publish in journals, theses, dissertations,
or other formats of their own choosing, and to present at symposia and national or regional professional meetings,
the Technical Material (defined below) generated as a result of the Research. Amarantus further agrees that Investigator and other
Institution researchers engaged in the Research will at all times have the first
opportunity to publish such Technical Material, subject to the provisions of Sections
6.a and 6.b, below.

 

a.At
least forty five (45) days in advance of the submission of such proposed publication or presentation to a journal, editor, or
other third party, Institution or Investigator shall furnish Amarantus with copies of the proposed publication or presentation.
The purposes for such prior submission are: (i) to provide Amarantus with the opportunity to review and comment on the contents
of the proposed publication or presentation; (ii) to identify any Confidential
Information to be deleted from the proposed publication or presentation; and (iii) to allow time for any patentable subject matter
to be identified. Amarantus shall provide any comments to Institution or Investigator within forty five (45) days of receipt of
the proposed publication or presentation. Institution and Investigator hereby agree to delete from the proposed publication any
Confidential Information which Amarantus requests Institution or Investigator
to delete. Amarantus personnel shall be acknowledged in accordance with customary scientific practice.

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 5

    

 

b.Amarantus
shall have forty five (45) days after receipt of the proposed publication or presentation to object by written request sent to
Institution to the proposed publication or presentation on the grounds that there is patentable subject matter that needs protection.
In the event Amarantus makes such objection, the Institution, Investigators and other researcher(s) shall refrain from making
such publication or presentation for such time as requested by Amarantus, but in any event no longer than forty five (45) days
from the date of receipt of such objection by Institution, in order for patent application(s) directed to the patentable subject
matter contained in the proposed publication or presentation to be filed with the United States Patent and Trademark Office and/or
foreign patent office(s).

 

c.Notwithstanding
any provision to the contrary, the publication of a patent application will not be prevented or delayed in order to preserve the
opportunity for the Investigator to publish the Technical Material.

 

		7.	Data and Intellectual
Property Rights.

 

a.
“Technical Material” shall be defined as those data, results and reports generated in
the course of performing the Research, but does not include any Inventions. All Technical Material conceived and reduced
to practice arising out of the performance of the Research shall be jointly owned by the Parties.

 

b.In
performing the Research,  or otherwise using the Materials in accordance with the terms
of this Agreement, either party may conceive or otherwise create ideas, improvements, inventions, techniques and other
technology and associated intellectual property, whether or not patentable (collectively, “Inventions”). Ownership
of Inventions, if any, shall be determined according to inventorship, which shall be determined according to U.S. law. Inventions
conceived solely by Institution shall be solely owned by Institution (“Institution Inventions”). Institution
shall promptly notify Amarantus of all such Institution Inventions. Inventions conceived solely by Amarantus shall be solely owned
by Amarantus (“Amarantus Inventions”).

 

c.Each
party shall retain its rights to practice, enforce, license, assign, or otherwise exploit
its undivided, one-half interest in any Joint Invention (defined below) or jointly owned Technical Materials without the
consent of and without accounting to the other and
each party hereby waives any right it may have under the laws of any country to require such approval, sharing or accounting.
Neither party grants any rights to intellectual property existing as of the Effective Date or conceived or otherwise created after
the Effective Date but not in the performance of the Research.

 

d.Amarantus
and Institution hereby agree that all Inventions jointly conceived shall be
jointly owned by Amarantus and Institution (“Joint Inventions”). Subject to any rights the U.S. Government may have
as a result of funding aspects of the Research, Institution grants to Amarantus: (a) a non-exclusive, worldwide, royalty-free
license to make, use, have made, sell, have sold, import Institution Inventions
for any purpose, and (b) an exclusive option (the “Option”) to obtain an exclusive, worldwide license, with the right
to grant sublicenses, to make, use, sell, have made, have sold, offer to sell, and import under Institution’s rights in
Institution Inventions and Joint Inventions on terms to be negotiated in good faith between the parties. Institution
shall disclose to Amarantus in writing and in detail all Institution Inventions and Joint Inventions promptly following the generation
thereof.  Amarantus may exercise the Option by sending written notice to Institution at any time within ninety (90) days
following the receipt of a written disclosure from Institution describing in detail such Institution Invention (the “Option
Period”). If Amarantus exercises the Option within the Option Period, then Institution
and Amarantus will have a six (6) month period after exercise of the option within which the parties agree to negotiate diligently
in good faith to determine the terms of a license agreement on commercially reasonable terms (“Negotiation Period”).
The Negotiation Period may be extended by mutual agreement of Amarantus and Institution. During the Option Period and, if Amarantus
exercises such option, the Negotiation Period, Institution shall not grant a license under such Institution Invention or Joint
Invention to any third party nor negotiate the licensing of such Institution Invention or Joint Invention with any third party.
If, at the end of the Option Period, Amarantus has not exercised the Option, or in the event the Parties fail to reach
a mutually acceptable licensing arrangement within the Negotiation Period, Institution
shall be entitled to negotiate with a third party for a license to Institution’s rights in Institution Inventions and/or
Joint Inventions. Institution may grant to any other person requesting a license to such inventions a fully paid up, non-exclusive,
worldwide license to make, use, sell, offer to sell and import under such Institution’s rights, provided
that for a period of one (1) year from the expiration of the Negotiation Period, Institution shall not grant any third party any
license to Institution’s rights in Institution Inventions and/or Joint Inventions on terms that are more favorable to the
third party than the terms last offered to Amarantus.

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 6

    

 

Any
patent applications necessary to protect the proprietary positions of the parties in any of the Institution Inventions will be
timely prepared and filed by Institution. Amarantus may file patent applications claiming
Amarantus Inventions at its own discretion and expense. The parties will mutually agree on the allocation of rights and responsibilities
for the filing and prosecution of patent applications claiming Joint Inventions, provided that such patent applications will be
filed jointly in Amarantus’s and Institution’s names. If Amarantus elects to exercise the Option, Amarantus will pay
for the costs of patent filing, prosecution and maintenance in the United States and any foreign country. If Institution
elects not to file or maintain an application or patent arising from any Institution Invention, Institution shall
promptly notify Amarantus, and Amarantus shall have the right to file or maintain the applications or patents, at Amarantus’
discretion and expense.

 

e.Amarantus
hereby grants to Institution and Institution hereby acknowledges and accepts a fully paid-up, irrevocable, non-exclusive license
to use Amarantus Inventions for Institution’s research, education and collaboration purposes only during the term of this
agreement.

 

f.Institution
represents that Institution will own all right, title and interest in each invention or item of intellectual property included
in the Institution Inventions and Joint Inventions and reported to Institution by Investigator or other Institution personnel
involved with the Research and that Institution has the right to grant to Amarantus the option and license with respect to Institution’s
interest in the Inventions contemplated in this Article 7.

 

		8.	DISCLAIMER OF WARRANTIES.
NOTWITHSTANDING ANYTHING
HEREIN TO THE CONTRARY, EVERYTHING PROVIDED BY THE PARTIES UNDER THIS AGREEMENT IS UNDERSTOOD TO BE EXPERIMENTAL IN NATURE, MAY
HAVE HAZARDOUS PROPERTIES, AND IS PROVIDED WITHOUT ANY WARRANTY OF ANY KIND, EXPRESSED OR IMPLIED, INCLUDING WITHOUT LIMITATION,
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF ANY THIRD-PARTY PATENT, TRADEMARK,
COPYRIGHT OR ANY OTHER THIRD-PARTY RIGHT. THE PARTIES MAKE NO WARRANTIES REGARDING THE QUALITY, ACCURACY, COMMERCIAL VIABILITY
OR ANY OTHER ASPECT OF ITS PERFORMANCE PURSUANT TO THIS AGREEMENT OR REGARDING THE PERFORMANCE, VALIDITY, SAFETY, EFFICACY OR
COMMERCIAL VIABILITY OF ANYTHING PROVIDED UNDER THIS AGREEMENT. IN NO EVENT SHALL INSTITUTION OR AMARANTUS BE LIABLE FOR ANY INDIRECT,
SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, WHETHER IN BREACH OF CONTRACT, TORT
OR OTHERWISE, EVEN IF THE PARTY IS ADVISED OF THE POSSIBLITY OF SUCH DAMAGES. EXCEPT FOR THEIR RESPECTIVE INDEMNITY OBLIGATIONS
OR BREACH OF CONFIDENTIALITY, EACH OF AMARANTUS’ AND INSTITUTION’S
AGGREGATE LIABILITY TO THE OTHER UNDER THIS AGREEMENT SHALL NOT EXCEED THE PAYMENTS MADE OR PAYMENTS DUE UNDER THIS AGREEMENT,
RESPECTIVELY.

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 7

    

 

		9.	Representations and Warranties.

 

a.Institution
hereby represents that it is not and Investigator is not under any
obligation to any third party that would conflict with their obligations hereunder.

 

b.Institution
hereby represents and warrants that neither it nor Investigator is a party, nor will become a party during the Term, to any agreement
or arrangement that would prevent it or the Investigator from performing their duties and fulfilling their obligations to Amarantus
under this Agreement.

 

c.Institution
hereby represents that no federal grants or funds will be used in conducting the Research under this Agreement.

 

d.Institution
hereby represents that it has not and Investigator has not been convicted of
an offense related to any federal or state healthcare programs and has not been debarred by the United States Food and Drug Administration
(“FDA”), nor to the best of its knowledge have debarment proceedings been commenced against it
or Investigator. If,
during the term of this Agreement, Institution ,
Investigator, or any other Institution personnel participating in the conduct
of the Research becomes debarred, or receives notice of action or threat of action with respect to its debarment by the
FDA or any state healthcare program, Institution shall promptly notify Amarantus,
such notice to occur no later than 30 days after the Institution was notified. In such case, Amarantus shall have the right to
terminate this Agreement immediately.

 

		10.	Indemnity.

 

a.
 Notwithstanding anything else in this Agreement, Amarantus agrees to indemnify, defend and hold harmless Institution, Institution
personnel, the Investigator, Institution’s affiliates, and each of their
respective present trustees, faculty, staff, employees, students, directors, officers, agents, successors and assigns (altogether
the “Institution Indemnitees”) from, for and against any and all judgments, settlements, losses, expenses, damages
and/or liabilities (“Losses”) and any and all court costs, attorneys’ fees, and expert witness fees and expenses
( “Fees”) that an Institution Indemnitee may incur from any and
all allegations, claims, suits, actions or proceedings in each case brought by a third
party  (the “Claims”) arising out of, or relating
to Amarantus’  breach of this Agreement or its use, commercialization,
or other exploitation of Institution deliverables, whether by or through Amarantus, and including all Claims for infringement,
injury to business, personal injury and product liability, but excluding Losses and
Fees, to the extent a Claim is adjudicated by a Court
of competent jurisdiction to be caused by the gross negligence or willful misconduct of an
Institution Indemnitee.

 

b.
Institution agrees to defend, indemnify and hold harmless Amarantus, its directors,
officers, employees, agents, successors and assigns (“Amarantus Indemnitees”) from and against any all Losses and/or
Fees they may suffer in connection with any Claim arising from any breach of this Agreement by any Institution Indemnitee, except
to the extent a Claim is adjudicated by a court of competent jurisdiction to be caused by the negligence or willful misconduct
of an Amarantus Indemnitee.

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 8

    

 

c.Obligations
set forth in this section shall survive termination of this Agreement, shall continue even after assignment of rights and responsibilities,
and shall not be limited by any provision of this Agreement outside this section. If either
party seeks indemnification under this agreement, the party seeking indemnification
shall: (a) give the other party prompt written notice of any Claim; (b)
cooperate with the other party in connection with the defense and settlement
of the Claim; and (c) not settle or compromise the Claim without the written consent of the
other party, which shall not be unreasonably withheld. The indemnifying party
shall have the right to control the defense, without a reservation of rights, and settlement of the Claim for which the other
party claims indemnification, provided that the indemnifying party shall not enter into any settlement that admits fault, wrongdoing
or non-monetary damages without the other party’s written consent, such consent not to be unreasonably withheld. For any
claims which the indemnifying party does not defend the indemnified party, the indemnified party shall be entitled to conduct
and direct its own defense with attorneys of its own selection with Fees subject to the indemnifying party’s ongoing obligation
to indemnify for Fees.

 

		11.	Insurance. Throughout
the Term of this Agreement and for a period of five (5) years thereafter, Amarantus shall obtain and maintain workers-compensation
and comprehensive general liability self-insurance or insurance, with carrier(s) having at least A.M. Best ratings/class sizes
of A/VII and in the following minimum annual limits: From the Effective Date until the date at least one day prior to the first
commercial sale of a product utilizing inventions licensed to Amarantus under
this Agreement (“First Commercial Sale”) or at least one day prior to the first clinical study in humans of a product
utilizing inventions licensed to Amarantus under this Agreement (“Clinical Study”): $2,000,000 per occurrence and
$5,000,000 in the aggregate; and from the date at least one day prior to the First Commercial Sale or Clinical Study: $5,000,000
per occurrence and $10,000,000 in the aggregate.

 

Amarantus
will provide Institution with a certificate of insurance within thirty days of execution of this Agreement and annually thereafter
until Agreement expiry or termination. The certificates must provide that Amarantus’s
insurer will notify Institution in writing at least thirty (30) days prior to cancellation or material change in coverage. The
specified minimum insurance coverage and limits do not constitute a limitation on Amarantus’s liability or obligation to
indemnify or defend under this Agreement.

 

		12.	Unauthorized
Use of Materials.The furnishing of Materials under this Agreement will not constitute or
be construed to constitute any
grant, option or license to Institution under any patent or other intellectual
property rights now or hereafter held by Amarantus, whether by implication, estoppel
or otherwise, except to the extent necessary for Institution’s
conduct of the Research in accordance with the terms of this Agreement. Amarantus provides the Materials and related information
to Institution in reliance upon their agreement that the Materials and related Confidential
Information are and shall remain the sole and exclusive property of Amarantus
and will be used solely as described in Sections 3 and 5, respectively
and in accordance with the terms of this Agreement. Any unauthorized use of the Materials or such Confidential
Information will constitute a material breach of this Agreement.

 

		13.	Notices.All notices
provided for herein shall be given or made in writing and shall be deemed to have been duly given upon date of dispatch if (a)
delivered by hand, (b) mailed by certified mail, return receipt requested, or (c) delivered by a recognized courier service, or
(d) transmitted by facsimile and confirmed by overnight delivery of a hard copy, with appropriate documentation of delivery, to
the intended recipient and, in the case of mail or courier service, at the following address:

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 9

    

 

	If
    to Institution:	If
    to Amarantus:
	 

        Office of Sponsored
        Research Services

        Washington University

        Attn: Director

        One Brookings
        Drive, CB1054

        St. Louis, MO
        63130

        Email address:
        whitemegan@wusm.wustl.edu
	 

        Amarantus,
        Inc.

        995 East Arques
        Avenue

        Sunnyvale, CA
        94085-4521

        Attn: Gerald
        Commissiong, CEO

        Copy: Marc Faerber,
        CFO

         

        Copy:

        Wilson,
        Sonsini, Goodrich & Rosati

        650
        Page Mill Road, Palo Alto, 

California 94304-1050

        Attn:
        Vern Norviel

         

Each
party may change its address and/or contact person for such notices and communications by written notice to the other party in
accordance with this Section 13.

 

		14.	Use of Names.The
parties agree not to use or refer to this Agreement in any promotional activity, or use the names or marks of the other without
express written permission, except to the extent such disclosure is reasonably necessary
for (i) regulatory filings, including filings with the U.S. Securities Exchange Commission or FDA, (ii) prosecuting or defending
litigation, or (iii) complying with (1) applicable governmental regulations and legal requirements or (2) the requirements of
any stock exchange or stock listing entity. In addition, Amarantus may issue a press release announcing the relationship contemplated
by this Agreement, as well as other press releases, only with the express written consent of Institution. This Section
14 shall not preclude Institution from acknowledging Amarantus’ support or Amarantus’ attribution of authorship in,
and distribution of published academic literature reporting the results of research conducted with the Materials.

 

		15.	Term.This Agreement,
and the Research hereunder, shall commence on the Effective Date and, unless terminated earlier pursuant to Sections 16.a,16.b,
or 16.c the Agreement shall continue in full force and effect until completion of the Research, but in no event longer than twenty-four
(24) months (“Term”).

 

		16.	Termination.

 

a.Amarantus
may terminate this Agreement for any reason upon thirty (30) days written notice to Institution.

 

b.Either
party may terminate this Agreement if the Investigator becomes unavailable for or withdraws from the Research and Institution
and Amarantus are unable to jointly agree upon a successor within fourteen (14) days after Amarantus is notified of such unavailability
or withdrawal.

 

c.Either
party may terminate this Agreement for material breach of the other party upon fourteen (14) days written notice to the breaching
party, provided that the breaching party does not cure such material breach to the non-breaching party’s reasonable satisfaction
within fourteen (14) days of receiving written notice of such breach from the non-breaching party.

 

d.The
rights and obligations under Sections 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, 14, 16(c),
(d), and (e), 17 and18-24 shall survive any termination or expiration
of this Agreement.

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 10

    

 

e.Expiration
or termination of this Agreement shall not relieve any party of any liability which accrued hereunder prior to the effective date
of such expiration or termination, or preclude any party from pursuing all rights and remedies it may have hereunder or at law
or in equity with respect to any breach of this Agreement, nor prejudice any party’s right to obtain performance of any
obligation.

 

f.In
the event this Agreement is terminated by Amarantus under Section 16.b or 16.c, Institution shall refund, within ninety (90) days
of termination, all unexpended funds, as of the termination date.

 

g.Upon
termination, Amarantus’s sole obligations to Instituion shall be to pay
any monies due and owing up to the time of termination for work actually performed and all costs reasonably and properly incurred
by Instituion as of the date that termination is effective, including all non-cancelable obligations reasonably and properly entered
into for the purposes of the Project, which may include any non-cancelable project participant salaries, fellowships or post-doctoral
stipends, and other non-cancelable executory obligations reasonably and properly incurred by Instituion in furtherance of Project,
subject to Instituion taking reasonable steps to mitigate and minimize such costs and subject to Amarantus's
maximum liability not exceeding any unpaid balance of the Budget.

 

		17.	Governing Law; Venue.This
Agreement shall be governed by the laws of the State of Delaware and the United States of America, without reference to conflicts
of laws principles. Any claim or controversy arising out of or related to this Agreement or any breach hereof shall be submitted
to a court of applicable jurisdiction in the state of Delaware, and each party
hereby consents to the jurisdiction and venue of such court.

 

		18.	Assignment.
This Agreement shall not be assigned by either party without the prior written consent of the other party, except that Amarantus
may assign this Agreement, without the consent of Institution, to (i) an Affiliate (defined below) of Amarantus; or (ii) an entity
that acquires all or substantially all of that portion of Amarantus’ business or assets to which this Agreement pertains,
whether by merger, sale of assets, operation of law, or otherwise; provided, however, that the acquiring entity agrees in writing
to be bound by the terms and conditions of this Agreement. “Affiliate” means any
entity which (a) controls at least a fifty percent (50%) interest of one of the Parties; (b) is at least fifty percent (50%) owned
by one of the Parties; or (c) is under common control of a third entity which owns at least a fifty percent (50%) interest in
one of the Parties.

 

		19.	Waivers.Any waiver
under this Agreement must be in writing, and will not operate as to a waiver of any future breach of this Agreement.

 

		20.	Severability.
If any provision of this Agreement shall be deemed by a court of competent jurisdiction to be illegal, invalid or unenforceable,
the validity, legality or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired,
and such provision shall be modified to the minimum extent necessary to make such provision consistent with applicable law, and
in its modified form such provision shall be enforceable and enforced.

 

		21.	Entire Agreement.This
Agreement, together with Exhibit A, Exhibit B, and Exhibit C attached hereto and incorporated herein, contains the final, complete
and exclusive agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous
understandings and agreements relating to its subject matter.

 

		22.	Modifications.
This Agreement may not be changed, modified, amended or supplemented except by a written instrument signed by both parties.

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 11

    

 

		23.	Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument.

 

		24.	Language. This Agreement
has been prepared in the English language and the English language shall control its interpretation.

 

The parties
hereto have entered into this Agreement by their duly authorized representatives as of the Effective Date.

 

	AMARANTUS,
    INC.	 	INSTITUTION
	Signature:	 	 	Signature:	 
	Print
    Name:	 	 	Print
    Name:	 
	Title:	 	 	Title:	 
	Date:	 	 	Telephone:	 
	 	 	 	Fax:	 
	 	 	 	E-mail:	 
	 	 	 	Date:	 
	 	 	 	 

        The
        individual signing on behalf of Institution hereby represents and warrants that he or she has the requisite authority
        to bind Institution to this Agreement

	 	 	 	 
	 	 	 	 
	 	 	 	By
    his signature below, Dr. Fumihiko Urano, MD, PhD acknowledges and understands his obligations under this Agreement.
	 	 		 
	 	 	 	Dr.
    Fumihiko Urano, MD, PhD

 

 

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 12

    

 

Exhibit
A

Research
Plan

 

Title: MANF-based
treatment for optic nerve degeneration in Wolfram syndrome

 

Specific
Aims

 

Wolfram syndrome
is an autosomal recessive genetic disorder characterized by juvenile diabetes, blindness, and neurodegeneration. As there is currently
no treatment, few patients with Wolfram syndrome exceed 40 years of age. One of the major manifestations that affect their quality
of life is blindness. It has been shown that degeneration of a variety of retinal cells, including retinal ganglion cells and
retinal pigment epithelial cells, is seen in patients with Wolfram syndrome. Wolfram syndrome is caused by mutations in the WFS1
gene encoding a transmembrane protein localized the endoplasmic reticulum (ER) and considered as a prototype of human ER disease.

 

The ER is a
cellular compartment that has multiple biological functions, including the folding of secretory proteins, storage of calcium,
and regulation of redox state. Increasing evidence indicates that ER dysfunction can lead to genetic disorders, such as Wolfram
syndrome and early-onset Parkinson’s disease, as well as common disorders, including diabetes. Despite the underlying importance
of ER dysfunction in such diseases, there is currently no treatment that targets the ER.

 

Recent findings
indicate that mesencephalic astrocyte-derived neurotrophic factor (MANF) and the signaling pathways regulated by MANF are promising
drug targets for ER disease, including Wolfram syndrome. MANF is a 18.1 kDa protein secreted from cells undergoing ER dysfunction.
It has been shown that MANF can confer protection against ER dysfunction-mediated cell death. We propose to advance therapeutic
development for blindness in Wolfram syndrome using MANF.

 

Aim 1. To create retinal pigment
epithelial cells and retinal ganglion cells using induced pluripotent stem cells (iPS cells) of Wolfram syndrome patients and
appropriate control subjects. 

 

Aim 2. To test if MANF can confer
protection against ER dysfunction-mediated cell death using retinal pigment epithelial cells and retinal ganglion cells derived
from Wolfram syndrome iPS cells.

 

Approach

 

Aim 1. To create retinal pigment
epithelial cells and retinal ganglion cells using induced pluripotent stem cells (iPS cells) of Wolfram syndrome patients and
appropriate control subjects. 

 

We obtained
fibroblasts from 14 patients with Wolfram syndrome and established multiple Wolfram syndrome-iPS cell lines using Sendai virus
expressing OCT4, SOX1, KLF4, and c-MYC. Further iPSC clones were derived from their parents and non-affected control subjects
using the same procedure. All Wolfram sydnrome- and control-iPS cells showed silencing of the four transgenes, exhibited characteristic
human embryonic stem cell morphology, expressed pluripotency markers including ALP, Nanog, SOX2, SSEA4, TRA-1-81, and had a normal
karyotype. Pluripotent properties of Wolfram syndrome-iPSCs were also assessed by teratoma formation on intramuscular injection
of undifferentiated Wolfram syndrome-iPSCs into SCID mice.

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 13

    

 

Creation
of retinal pigment epithelial cells

 

To create retinal
pigment epithelial cells, iPS cells will be seeded as suspension cultures in the presence of Y-27632 (10 μM, days 0-14),
CKI-7 (5 μM, days 0-20), and SB-431542 (5 μM, days 0-20). On day 21, these cells will be trypsinized, treated
with collagenase, and cultured as floating aggregates. After 1-2 weeks, black spheres will be plated onto poly-D-lysine-lamininfibronectin-coated
slides. These are retinal pigment epithelial cells and will be used for further experiments.

 

Creation
of retinal ganglion-like cells

 

To create retinal
pigment epithelial cells, we will first create neural progenitor cells from iPS cells. We will use STEMdiffTM Neural Induction
Medium (Catalog #05831/05835). Neural rosette clusters will be selected and isolated for further experiments using STEMdiffTM
Neural Rosette Selection Reagent (Catalog #05832) from STEMCELL TECHNOLOGIES. These isolated neural rosette clusters are neural
progenitor cells. These iPS cell-derived neural progenitor cells will be treated with FGF2 for 8-10 days, and then treated with
Shh for another 12 h. These are retinal ganglion-like cells and will be used for further experiments.

 

Aim 2. To test if MANF can confer
protection against ER dysfunction-mediated cell death using retinal pigment epithelial cells and retinal ganglion cells derived
from Wolfram syndrome iPS cells.

 

We have recently
reported that the loss of function of WFS1 causes the leakage of calcium from the ER to the cytosol and subsequent calpain 2 activation,
leading to cell death. We will test if MANF can prevent calpain 2-mediated cell death.

 

Retinal
pigment epithelial cells and retinal ganglion cells derived from control and Wolfram syndrome iPS cells will be pretreated with
different concentrations of MANF for 24 h, and then challenged with or without an ER stress-inducer thapsigargin (0.5 mM)
for another 24 h. Calpain 2 activation and cell death will be monitored by spectrin cleavage and caspase 3 cleavage respectively.
We will also isolate RNA from these cells and study the gene expression profiles to identify survival genes activated by MANF
in retinal pigment cells and retinal ganglion cells. 

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 14

    

 

EXHIBIT B

 

Budget

 

Personnel Costs (Salary &
Fringe)

 

Fumihiko Urano, MD, PhD (1 calendar
month per year) is a Principal Investigator. He is responsible for the administration and direction of all aspects of the Research
Project. He will supervise all other personnel working on the Research Project. He will play a major role in the design of the
experiments and interpretation of the data.

 

Cri Brown, B.S, Research Assistant
(2 calendar months per year) is an experienced research assistant in Dr. Urano’s lab. She is responsible for the experiments
described in Aim 1 and Aim 2.

 

Total Personnel Costs (Salary and
Fringe)

$29,025 (05/01/2014-04/30/2015)

 

Supplies Costs

$49,975 (05/01/2014-04/30/2015)

 

Travel Costs 

 

Dr. Urano and his colleagues will
travel to collect information for developing diagnostics and therapeutics for diabetes using MANF. National and international
travel will be necessary for this Research Project. The estimated costs for this travel will be $ 1,000.

 

Research Project Costs 

 

	Direct
    Costs	$  80,000
	Indirect
    Cost (50 %)	$  40,000
	 	 
	Total
    Research Project Costs	$
    120,000

 

    	 

    	SPONSORED RESEARCH AGREEMENT	Page 15

    

 

Exhibit
C

Materials

 

Recombinant human mesencephalic
astrocyte-derived neurotrophic factor (rhMANF) (Batch 030513) will be provided by Amarantus. rhMANF was expressed by Icosagen
AS (Tartu, Estonia) in a Chinese hamster ovary (CHO)-based cell line using QMCF technology and purified by ion-exchange and gel-filtration
chromatography from serum-free CHO growth medium. The rhMANF was homogenous as determined by mass-spectroscopy and displayed a
molecular weight of 18142.3 Da. Coomassie-stained SDS-PAGE and Western blotting resulted in a single band of the expected molecular
weight. The endotoxin level was less than 1 EU/mg of protein as determined by the LAL method.

 

rhMANF displayed cellular activity
on dopaminergic neurons in the expected concentration range and was active in vivo in a mouse model of retinal degeneration.

 

rhMANF will be provided as a 1mg/ml
solution in PBS, pH 7.4.

 

rhMANF will be shipped on dry-ice
and should be stored at -70 degrees Celsius upon receipt. Repeated freeze-thaw cycles should be avoided and therefore it is recommended
to aliquot the rhMANF solution into smaller quantities.Exhibit 10.2

 

OPTION AGREEMENT

 

This Option Agreement
(“Agreement”) is made as of July 31st, 2014 (the “Effective Date”) by and between
Universität Leipzig, a German corporate body under public law having its principal place of business at Ritterstr. 26, 04109
Leipzig. Germany (“Leipzig”), and Amarantus Bioscience Holdings, Inc., a Nevada corporation having a principal
place of business at 953 Indiana Street, San Francisco, CA 94107, U.S.A. (“Amarantus”). Leipzig and Amarantus
may each be referred to herein as a “Party” or collectively as the “Parties”.

 

BACKGROUND

 

WHEREAS, Leipzig
is the owner of patent rights relating to PCT Application No. PCT/EP2010/000702 filed on August 12, 2010 (Priority date: February
4, 2009) and entitled “Vector(s) Containing an Inducible Gene Encoding a CDK4/CDK6 Inhibitor Useful for Treating Neurodegenerative
Disorders or Diseases Associated with an Unscheduled Activation of the Cell Cycle” with named inventors Thomas Arendt and
Uwe Ueberham and relating to the German patent DE 19936034 (Priority date: July 30, 1999) (collectively, the “Patent Application(s)”);

 

WHEREAS, Amarantus
desires to obtain an exclusive option to acquire an exclusive license under such patent rights and related technology in the Territory
(as defined below), in accordance with the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing premises and the mutual covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE
1

DEFINITIONS

 

As used in this Agreement,
initially capitalized terms shall have the meanings given to them below or elsewhere in this Agreement:

 

1.1            “Affiliate”
means, with respect to a Party, any corporation or other entity which controls, is controlled by or is under common control with
such Party, as the case may be, for so long as such control exists. For purposes of this definition, the term “control”
means (a) direct or indirect ownership of fifty percent (50%) or more of the shares of the subject entity entitled to vote in the
election of directors (or, in the case of an entity that is not a corporation, for the election of the corresponding managing authority),
or, if less than fifty percent (50%), the maximum ownership interest permitted by applicable law in a particular jurisdiction,
or (b) the possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies of
such entity, whether through the ownership of voting securities, by contract or otherwise.

 

1.2            “Cover”
means, with respect to any subject matter, the manufacture, use, sale, offering for sale or importation of such subject matter
that would infringe a claim of a patent (or a patent application, if such claim was included in an issued patent) at the time thereof.
“Covered” and “Covering” shall have their correlative meaning.

 

1.3           “Invention”
means any and all subject matter claimed or disclosed in the Patent Application.

 

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1.4           “Leipzig
Know-How” means any and all inventions, developments, discoveries, technical information, know-how, processes, procedures,
compositions, materials, devices, methods, protocols, techniques, data (including clinical data) or other subject matter owned
or controlled by Leipzig that is necessary or useful for the practice of the Invention.

 

1.5            “Leipzig
Technology” means (a) the Invention, (b) any and all patent applications filed on (a) above, including the Patent Applications,
and all continuations, continuations-in-part, substitutions and divisionals of any such applications, in each case owned or controlled
by Leipzig, and (c) all letters patent worldwide issuing on any of the patent applications described in (b), including all reissues,
extensions, confirmations, re-registrations, re-examinations, revalidations and patents of addition, supplementary protection certificates,
or other governmental actions which extend any of the foregoing, in each case owned or controlled by Leipzig ((b) and (c), collectively,
the “Patent Rights”).

 

1.6            “Option
Period” means the period commencing on the Effective Date, and ending on the date that is one (1) year thereafter, and
any extension thereto granted pursuant to Section 2.1.

 

1.7            “Term”
means the term of this Agreement as determined pursuant to Section 8.1.

 

1.8            “Territory”
means worldwide.

 

1.9            “Third
Party” means any person or entity other than Leipzig, Amarantus and their respective Affiliates.

 

ARTICLE
2

OPTION

 

2.1           Option Grant.
Leipzig hereby grants to Amarantus (and its Affiliates) an exclusive option (“Option”) to acquire (a) an exclusive
license, including the right to grant and authorize sublicenses, under the Leipzig Technology, and to research, develop, make,
have made, use, have used, offer for sale, sell, import and otherwise exploit products and/or services in the Territory (the “License”).
Prior to the expiration of the Option Period and in its sole discretion, Amarantus may extend the Option Period for one six (6)
month period by paying Leipzig the fee set forth in Paragraph 4.1(b). Amarantus may exercise the Option at any time during the
Option Period by providing written notice of such exercise to Leipzig. Leipzig agrees to negotiate in good faith a grant to Amarantus
of a non-exclusive license to Leipzig Know-how on terms and conditions to be agreed in the Negotiation Period (as defined below).

 

2.2           Territory
Exclusivity. Except as expressly provided otherwise under this Agreement, during the Option Period (including any extension
thereto) and any Negotiation Period, Leipzig shall not negotiate or enter into any arrangement that would conflict with Amarantus’
right to obtain an exclusive license under the Leipzig Technology pursuant to the Option. Without limiting the foregoing, Leipzig
shall not (a) offer or grant any rights or licenses under the Leipzig Technology in the Territory to any Third Party, (b) offer
or grant any rights to develop or commercialize products or services that incorporate the Leipzig Technology in or for the Territory,
or (c) engage in discussions or negotiations with any Third Party with regard to the grant of the foregoing rights or licenses.

 

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2.3           License Agreement.
Upon exercise of the Option as set forth in Section 2.1 above, Leipzig and Amarantus shall enter into exclusive negotiations with
respect to, and shall use good faith efforts to execute, an agreement granting Amarantus the License (the “License Agreement”)
within three (3) months after such exercise (the “Negotiation Period”). The terms and conditions of any such
License Agreement entered into between Amarantus and Leipzig pursuant to this Agreement will be negotiated in good faith.

 

2.4           Sponsored
Research Agreement. Promptly following the Effective Date, Leipzig and Amarantus shall use good faith efforts to execute a
sponsored research agreement (the “Sponsored Research Agreement”) related to the further development of the
Leipzig Technology. The terms and conditions of any such Sponsored Research Agreement entered into between Amarantus and Leipzig
will be negotiated in good faith.

 

ARTICLE
3

EVALUATION

 

3.1           Disclosure.
Within sixty (60) days following the Effective Date, Leipzig shall provide to Amarantus a copy of the Patent Applications. On request
of Amarantus Leipzig does its best efforts to disclose additional Leipzig Know-How that could be necessary or useful for Amarantus
to understand the Invention, make an evaluation of the Leipzig Technology and determine whether to exercise the Option. During
the Option Period, Leipzig does its best efforts keep Amarantus informed on a regular basis of the progress of all studies conducted
by or on behalf of Leipzig with the Leipzig Technology, and shall provide to Amarantus monthly updates of the progress of any such
studies and all results obtained to date, including any clinical data generated. For the avoidance of doubt nothing in this Agreement
shall be deemed to require Leipzig to conduct, or procure the conduct of studies. In the event that Leipzig and Amarantus deem
a study desirable, Amarantus shall be given the opportunity to participate in the design and funding of such further study on terms
to be agreed.

 

3.2           Access.
Leipzig shall provide Amarantus reasonable opportunity to confer with the inventors named on the Patent Application(s) regarding
the Leipzig Technology, at Amarantus’ request and expense.

 

3.3           Evaluation.
Amarantus shall have the right, using the disclosure made pursuant to this ARTICLE 3, and any other disclosure made by or on behalf
of Leipzig under this Agreement, to evaluate the technical, economic and commercial advantages of the Leipzig Technology and its
market potential in the Territory.

 

ARTICLE
4

PAYMENTS

 

4.1           Option Fee.
In consideration of the Option granted to Amarantus in this Agreement, Amarantus shall pay to Leipzig the following option fees
(each, an “Option Fee”):

 

(a)           Ten Thousand Dollars
(US$10,000) within ten (10) days following the Effective Date; and

 

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(b)           Five Thousand
Dollars (US$5,000) within (10) days following any decision by Amarantus to extend the Option Period in accordance with Section
2.1.

 

4.2           Payment Method.
Amarantus shall pay the amounts due to Leipzig hereunder via wire transfer in immediately available funds to an account specified
by Leipzig in U.S. currency.

 

4.3           Taxes. 
All amounts paid hereunder shall be inclusive of taxes, and Leipzig shall be responsible for any applicable sales tax, value
added tax, duties and any similar taxes and charges incurred by Leipzig with respect to such payments.

 

ARTICLE
5

PATENT MATTERS

 

5.1           Patent Prosecution.
During the Term, Leipzig shall file for, prosecute and maintain the Patent Applications and/or any related national filings in
the United States, the European Union, Australia, Canada, China, India, Korea and Japan and shall: (a) provide Amarantus
with copies of and an opportunity to review and comment upon (which comments Leipzig shall consider in good faith and use all reasonable
efforts to implement the same) any communications, filings or applications relating to such patent applications at least thirty
(30) days before the submission thereof to any patent office in the United States and the European Union, and (b) provide Amarantus
with copies of all material communications, filings or submissions made or received with respect to filing, prosecution and maintenance
of such patent applications in the United States and the European Union. Furthermore, Leipzig shall keep Amarantus fully informed
with respect to all filing, prosecution and maintenance activities with respect to the Patent Rights worldwide during the Term.
Amarantus shall reimburse Leipzig for reasonable patent expenses (including overheads [reduced rate of 15 %] and inventors bonus
according German Employee’s Inventions Act) incurred in relation to the Patent Applications from the Effective Date until
the termination or expiration of the Option Period.

 

5.2           Limit on
Leipzig Obligations. For the avoidance of doubt Leipzig shall have no obligation to maintain the Patent Applications in territories
outside the United States, the European Union, Australia, Canada, China and Japan.

 

ARTICLE
6

CONFIDENTIALITY

 

6.1           Confidential
Information. As used in this Agreement, “Confidential Information” means nonpublic information, including,
without limitation know-how, disclosed by or on behalf of one Party or its Affiliates to the other Party or its Affiliates in connection
with this Agreement and (a) if disclosed in written or tangible form, is labeled or designated by the disclosing party as “confidential”
or “proprietary,” (b) if disclosed orally, is identified as “confidential” or “proprietary”
at the time of such disclosure to the receiving party and reduced to writing within thirty (30) days after such disclosure, or
(c) is reasonably obvious as “confidential” or “proprietary” due to the nature of the information and the
manner of disclosure. Each Party shall use reasonable efforts to maintain in confidence and shall not disclose to any Third Party
any Confidential Information furnished to it by the other Party and agrees not to use any such Confidential Information of the
other Party other than as necessary to exercise its rights or carry out its obligations under this Agreement, except as otherwise
set forth in this ARTICLE 6. Each Party shall ensure that its employees have access to Confidential Information of the other Party
only on a need-to-know basis and are subject to written obligations of confidentiality and non-use substantially similar to those
in this ARTICLE 6. The foregoing obligations shall not apply to information that:

 

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(a)           was already known
to the receiving Party at the time of disclosure, other than under an obligation of confidentiality, as evidenced by written documentation;

 

(b)           was generally
available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party;

 

(c)           becomes generally
available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission
of the receiving Party in breach of this Agreement;

 

(d)           was subsequently
lawfully disclosed to the receiving Party by a person other than a Party hereto; or

 

(e)           is independently
developed by the receiving Party, as evidenced by written documentation.

 

6.2           Permitted
Use and Disclosures. Each Party hereto may disclose Confidential Information disclosed to it by the other Party to the extent
such use or disclosure is reasonably necessary in complying with applicable law or regulation or legal process, provided
that if a Party is required to make any such disclosure of another Party’s Confidential Information, it will give reasonable
advance notice to the latter Party of such disclosure and, will use good faith efforts consistent with its normal business practices
to secure confidential treatment of such information prior to its disclosure (whether through protective orders or otherwise).
Any Confidential Information so disclosed shall retain its confidentiality protection for all purposes other than such legally
compelled disclosure. Amarantus may also disclose this Agreement and Leipzig’s Confidential Information to actual and potential
investors and acquirers as is reasonably necessary in connection with such investment or acquisition.

 

6.3           Confidential
Terms. Except as expressly provided herein, each Party agrees not to disclose the existence or terms of this Agreement to any
Third Party without the written consent of the other Party; provided, however, that disclosures may be made by a
Party (a) to its Affiliates, (b) to its advisors and consultants so long as they are bound by written obligations of confidentiality
and non-use substantially similar to those in this ARTICLE 6, and/or (c) in order to comply with applicable law or regulation.

 

ARTICLE
7

REPRESENTATIONS AND WARRANTIES

 

7.1           Mutual Representations
and Warranties. Each Party hereby represents and warrants that:

 

(a)           it has the power
and authority and the legal right to enter into this Agreement and perform its obligations hereunder; and

 

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(b)           the Agreement
has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid and binding obligation of such Party
and is enforceable in accordance with its terms.

 

7.2           Leipzig Declarations.
Leipzig hereby declares that:

 

(a)           it is the sole
and exclusive owner of the Invention and the Patent Applications and has sufficient rights in all other Leipzig Technology to grant
to Amarantus the Option and License;

 

(b)           prior to the Effective
Date, it has not entered and, on or after the Effective Date, it will not enter into any agreement with any Third Party which is
in conflict with the rights granted to Amarantus under this Agreement; and it has not taken and will not take any action that would
in any way prevent it from granting the rights granted to Amarantus under this Agreement, or that would otherwise adversely affect
the rights granted to Amarantus under this Agreement;

 

(c)           there are no existing
or threatened actions, suits or claims pending against Leipzig with respect to any Leipzig Technology or Leipzig’s ability
to enter into and perform its obligations under this Agreement;

 

(d)           to its knowledge,
except for the Patent Applications, as of the Effective Date, Leipzig does not own or control any patent or patent application
(including any invention disclosure or draft patent application for which a patent application is intended to be filed) the claims
of which would dominate any practice of the Leipzig Technology in the Territory; and

 

(e)           to its knowledge,
no Third Party is infringing or misappropriating the Leipzig Technology.

 

ARTICLE
8

TERM AND TERMINATION

 

8.1           Term.
Unless earlier terminated as provided in this Agreement or extended by written agreement of the parties, this Agreement shall terminate
on the later date of (a) the expiration of the Option Period (including any extension thereof); or (b) if the Option is exercised
by Amarantus, the expiration of the Negotiation Period.

 

8.2           Termination
by Amarantus. Amarantus may terminate this Agreement upon thirty (30) days’ written notice to Leipzig.

 

8.3           Termination
for Cause. Either Party may terminate this Agreement if the other Party is in material breach or default of this Agreement,
and fails to cure such material breach or default within thirty (30) days after receiving written notice thereof.

 

8.4           Effect of
Termination. Upon the termination of this Agreement, each Party shall promptly destroy or return to the other Party all Confidential
Information received from the other Party pursuant to this Agreement (except one copy which may be retained in confidential archives
for the purpose of ensuring compliance with this Agreement only). Except as set forth in this Section 8.4 or Section 8.5 below,
all rights and obligations of the Parties hereunder shall terminate upon the expiration or termination of this Agreement.

 

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8.5           Survival.
Sections 8.4, 8.5, and ARTICLES 6 and 9 of this Agreement shall survive the expiration or termination of this Agreement for any
reason.

 

ARTICLE
9

MISCELLANEOUS

 

9.1           Governing
Law. This Agreement and any dispute arising from the performance or breach hereof shall be governed by and construed and enforced
in accordance with the laws of the State of California, U.S.A. without reference to conflicts of laws principles. The Parties hereby
expressly consent to the personal and exclusive jurisdiction and venue of the courts located in Santa Clara County, California,
U.S.A.

 

9.2           Independent
Contractors. The relationship of the Parties hereto is that of independent contractors. The Parties hereto shall not be deemed
to be agents, partners or joint venturers of the other for any purpose as a result of this Agreement or the transactions contemplated
thereby.

 

9.3           Assignment.
This Agreement shall not be assignable by either Party to any Third Party hereto without the written consent of the other Party
hereto; provided, however, Amarantus may assign this Agreement, without Leipzig’s consent, to (a) an Affiliate,
or (b) an entity that acquires all or substantially all of the business or assets of Amarantus to which this Agreement pertains,
whether by merger, reorganization, acquisition, sale, or otherwise. The terms and conditions of this Agreement shall be binding
on and inure to the benefit of the permitted successors and assigns of the Parties. Any attempted assignment of this Agreement
other than as permitted under this Section 9.3 shall be null and void.

 

9.4           Notices.
All notices, requests and other communications hereunder shall be in writing and shall be personally delivered or sent by telecopy
or other electronic facsimile transmission or by registered or certified mail, return receipt requested, postage prepaid, in each
case to the respective address specified below, or such other address as may be specified in writing to the other Party hereto:

 

		Amarantus:	Amarantus Bioscience Holdings, Inc.

c/o Janssen Labs
@ QB3

953 Indiana Street

San Francisco, CA 94107, U.S.A.

Attn: ______________

Facsimile: __________

 

 

		Leipzig:	Universität Leipzig

Forschungskontaktstelle

Ritterstr. 26

04109 Leipzig,
Germany

Attn: Dr. Dirk Wilken

Facsimile: +49 –
341 – 79 – 35010

 

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9.5           Compliance
with Laws. In exercising their rights under this Agreement, the Parties shall fully comply in all material respects with the
requirements of any and all applicable laws, regulations, rules and orders of any governmental body having jurisdiction over the
exercise of rights under this Agreement.

 

9.6           Entire Agreement;
Amendment. This Agreement constitutes the entire and exclusive agreement between the Parties with respect to the subject matter
hereof and supersedes and cancels all previous discussions, agreements, commitments and writings in respect thereof. No provision
of this Agreement may be waived, amended or added unless mutually agreed upon in writing by both parties.  In the event any
provision of this Agreement is found to be legally unenforceable, such unenforceability shall not prevent enforcement of any other
provision of the Agreement.

 

9.7           Publicity.
The Parties have mutually approved a press release attached hereto as Exhibit 9.7 with respect to this Agreement and either
Party may make subsequent public disclosure of the contents of such press release. Subject to the foregoing, each Party agrees
not to issue any press release or other public statement, whether oral or written, disclosing the terms hereof without the prior
written consent of the other Party, provided however, that neither Party will be prevented from complying with any duty of disclosure
it may have pursuant to applicable laws or pursuant to the rules of any recognized stock exchange or quotation system, subject
to that Party notifying the other Party of such duty and limiting such disclosure as reasonably requested by the other Party (and
giving the other Party sufficient time, and in all instances at least ten (10) Business Days, to review and comment on any proposed
disclosure, unless otherwise required by Applicable Law).

 

9.8           Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which constitute one agreement.

 

 

IN
WITNESS WHEREOF, the Parties, intending to be legally bound, have
caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

 

	UNIVERSITÄT LEIPZIG	 	AMARANTUS BIOSCIENCE	 
	 	 	 	HOLDINGS, INC.	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	 	 	 	 	 	 
	Name:	 	 	Name:	 	 
	 	 	 	 	 	 
	Title:	 	 	Title:	 	 

 

    	8

    	Amarantus Bioscience Holdings, Inc. / 
Universität Leipzig
	Option Agreement

    

 

Exhibit 9.2

 

Initial Press Release

 

 

 

 

 

    	9

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