Document:

exv10w22

Exhibit 10.22

March 21, 2002

Oleh S. Hnatiuk

NeuroSpheres Ltd. and Neurospheres Holdings Ltd.

C/o University Technologies International Inc.

Suite 130, 3553 31 St. N.W.

Calgary, Alberta T2L 2K7 Canada

			
	      Re:	 	License Agreement, NeuroSpheres LTD, NeuroSpheres Holdings LTD, and
StemCells, Inc., dated October 30, 2000 (the “Agreement”)

Dear Mr. Hnatiuk:

This letter (the “Letter Amendment”) will, if accepted by NeuroSpheres Ltd. and Neurospheres
Holdings Ltd., constitute an amendment to the Agreement referenced above. As we have discussed,
StemCells, Inc. (“StemCells”) proposes to enter a sublicense with BioWhittaker, Inc.,
(“BioWhittaker) under which BioWhittaker would be granted the right (retroactively, upon payment of
royalties for past sales) to sell the product listed in its catalogue as CC2259 “Neural Progenitor
Cells.” We ask that NeuroSpheres Ltd. and Neurospheres Holdings Ltd. agree to amend Section 3.08
of the Agreement to add the following words to the end of the first sentence: “, provided,
however, that neither the entry of a sublicense between SCI and BioWhittaker, Inc. or any parent or
subsidiary thereof concerning activity in the research market, nor any sales or other activity
pursuant to such sublicense, shall constitute commercial sales of any licensed Product for the
purposes of this Section 3.08.” That section would accordingly read, in its entirety:

3.08 Annual Payments

SCI shall make annual payments to NS in the amount of fifty thousand Dollars ($50,000)
during the term hereof (the “Annual Payments”), beginning with the first of the following
years: (i) the first full year of commercial sales of any licensed Product are made, and
(ii) the year 2004, provided, however, that neither the entry of a sublicense between SCI
and BioWhittaker, Inc. or any parent or subsidiary thereof concerning activity in the
research market, nor any sales or other activity pursuant to such sublicense, shall
constitute commercial sales of any licensed Product for the purposes of this Section 3.08.
Each Annual Payment due hereunder shall be payable on or before the last day of the year
for which it is due.

3155
Porter Drive • Palo Alto, CA 94304

(650) 475-3100 • (650) 475-3101 FAX

 

 

March 21, 2002

Page 2

The Annual Payment in this section 3.08 shall be fully creditable on an accumulated basis
against any royalty income due to NS under section 3.01 or 3.02. Annual Payments are not
refundable.

Except as modified above, all other terms, conditions and covenants of the Agreement, specifically
but without limitation including the provisions of Section 3.12 regarding sublicensing fees, remain
in full force and effect.

If NeuroSpheres Ltd. and Neurospheres Holdings Ltd. agree to this Letter Amendment, please have the
enclosed copy dated and signed on their behalves and return it to me.

Sincerely,

/s/ Iris Brest

Iris Brest

General Counsel

The terms of the Letter Agreement set forth above are hereby accepted:

	 	 	 
	NeuroSpheres Ltd.
	 	 
	 
	 	 
	/s/ Oleh S. Hnatiuk

	 	04/01/2002
	 

	 	 
	by: Oleh S. Hnatiuk

	 	date
	 
	 	 
	NeuroSpheres Holdings Ltd.
	 	 
	 
	 	 
	/s/ Oleh S. Hnatiuk

	 	04/01/2002
	 

	 	 
	by: Oleh S. Hnatiuk

	 	dateexv10w23

Exhibit 10.23

July 2, 2003

Hugh Jones

NeuroSpheres Ltd. and Neurospheres Holdings Ltd.

C/o University Technologies International Inc.

Suite 130, 3553 31 St. N.W.

Calgary, Alberta T2L 2K7 Canada

			
	      Re:	 	License Agreement, NeuroSpheres LTD, NeuroSpheres Holdings LTD, and StemCells,
Inc., dated October 30, 2000 (the “Agreement”)

Dear Mr. Jones:

This letter (the “Second Letter Amendment”) will, if accepted by NeuroSpheres Ltd. and Neurospheres
Holdings Ltd., constitute an amendment to the Agreement referenced above. You are aware that
StemCells has entered a short-term sublicence with StemCell Technologies, Inc. (STI), a Canadian
corporation located in Vancouver; as we have discussed, StemCells proposes to enter a long-term
sublicense with them (the “New Sublicense”. Under the New Sublicense, STI would be granted the
right to make and sell certain products (at this point, we’re in discussion about the products, but
they would be non-human cells and media which could include media for culturing human cells, all
for the research market only) under patent rights that include patents licensed to StemCells by
NeuroSpheres as well as patents of which StemCells is the owner. In order to avoid the need to
enter into two separate agreements (one covering NeuroSpheres technology and the other covering
StemCells’ technology), we request an amendment to provide that in calculating payments to
NeuroSpheres under the New Sublicense, receipts due to the StemCells’ technology be excluded.

In particular, we ask that NeuroSpheres Ltd. and Neurospheres Holdings Ltd. agree to amend Section
3.12 of the Agreement to add “(the ‘Sublicense Receipts’)” to the end of the first sentence and to
insert the following after the second sentence: “In the event SCI enters an agreement with
StemCell Technologies, Inc., that includes the sublicense of rights in the New Patent Rights and/or
the New Cell Technology in combination with the license or sublicense of any other intellectual
property, that fraction of the Sublicense Receipts representing the value of such other
intellectual property to the total intellectual property so licensed or sublicensed for the
purposes of such agreement

3155 Porter Drive • Palo Alto, CA 94304

(650) 475-3100 • (650) 475-3101 FAX

 

 

Hugh Jones

July 2, 2003

Page 2

with StemCell Technologies, Inc., shall be excluded from the Sublicense Receipts. The
determination of said fraction shall be made in good faith by SCI, provided that SCI shall furnish
NS with a full description of the scope of the license, a report on the rationale used in the
determination of said fraction and the specific technology included in such agreement with StemCell
Technologies, Inc.” Section 3.12 would accordingly read, in its entirety:

	 	3.12	 	Sublicensing Fee
	 
	 	 	 	SCI shall pay to NS an amount equal to twenty five percent (25%) of any cash
payments and 25% of any securities of a third party, including upfront, milestone
and royalty cash payments, that SCI shall receive in respect of its issuance of
sublicenses of rights in the New Patent Rights and/or the New Cell Technology (the
“Sublicense Receipts”). Notwithstanding the foregoing, SCI shall have no obligation
to make any payment to NS based on its receipt of funds for equity investments in
SCI, loans to SCI, including without limitation loans which are convertible into
equity in SCI, or research and development or sponsored research funding, whether or
not paid to SCI in connection with such a sublicense, including any product
candidate utilizing New Patent Rights and/or the New Cell Technology. In the event
SCI enters an agreement with StemCell Technologies, Inc., that includes the
sublicense of rights in the New Patent Rights and/or the New Cell Technology in
combination with the license or sublicense of any other intellectual property, that
fraction of the Sublicense Receipts representing the value of such other
intellectual property to the total intellectual property so licensed or sublicensed
for the purposes of such agreement with StemCell Technologies, Inc., shall be
excluded from the Sublicense Receipts. The determination of said fraction shall be
made in good faith by SCI, provided that SCI shall furnish NS with a full
description of the scope of the license, a report on the rationale used in the
determination of said fraction and the specific technology included in such
agreement with StemCell Technologies, Inc. For the purposes of this Section 3.12
reference to any cash payment shall, to the extent consistent with the preceding
sentence hereof, include any cheque, money order or other negotiable instrument that
may be provided in lieu of cash.

Except as modified above, all other terms, conditions and covenants of the Agreement remain in full
force and effect. Further, Section 3.12 as amended would apply only to

 

 

Hugh Jones

July 2, 2003

Page 3

the New Sublicense, and not to the interim agreement currently in place between StemCells and
StemCell Technologies, Inc.

If NeuroSpheres Ltd. and Neurospheres Holdings Ltd. agree to this Second Letter Amendment, please
have the enclosed copy dated and signed on their behalves and return it to me.

Sincerely,

/s/ Iris Brest

Iris Brest

General Counsel

The terms of the Second Letter Amendment set forth above are hereby accepted:

	 	 	 
	NeuroSpheres Ltd.
	 	 
	 
	 	 
	/s/ Hugh Jones

	 	July 3, 2003
	 

	 	 
	by: Hugh Jones

	 	date
	 
	 	 
	NeuroSpheres Holdings Ltd.
	 	 
	 
	 	 
	/s/ Hugh Jones

	 	July 3, 2003
	 

	 	 
	by: Hugh Jones

	 	dateexv10w24

Exhibit 10.24

March 9, 2005

Hugh Jones

NeuroSpheres Ltd. and Neurospheres Holdings Ltd.

C/o University Technologies International Inc.

Suite 130, 3553 31 St. N.W.

Calgary, Alberta T2L 2K7 Canada

			
	      Re:	 	License Agreement, NeuroSpheres LTD, NeuroSpheres Holdings LTD, and StemCells,
Inc., dated October 30, 2000 (the “Agreement”)

Dear Mr. Jones:

This letter (the “Third Letter Amendment”) will, if accepted by NeuroSpheres Ltd. and Neurospheres
Holdings Ltd., constitute an amendment to the Agreement referenced above.

Section 3.08 of the Agreement is amended to add the words “and any amounts due to NS on account of
sublicenses under section 3.12” at the end of the third sentence, so that the Section reads in
full:

3.08 Annual Payments

SCI shall make annual payments to NS in the amount of fifty thousand Dollars ($50,000)
during the term hereof (the “Annual Payments”), beginning with the first of the following
years: (i) the first full year of commercial sales of any licensed Product are made, and
(ii) the year 2004. Each Annual Payment due hereunder shall be payable on or before the
last day of the year for which it is due. The Annual Payment in this section 3.08 shall be
fully creditable on an accumulated basis against any royalty income due to NS under section
3.01 or 3.02 and any amounts due to NS on account of sublicenses under section 3.12. Annual
Payments are not refundable.

Section 3.12 of the Agreement is amended to add the words “(the “Sublicense Receipts”)” at the end
of the first sentence, and inserting the following material before the last sentence:

3155 Porter Drive • Palo Alto, CA 94304

(650) 475-3100 • (650) 475-3101 FAX

 

 

Hugh Jones

March 9, 2005

Page 2

In the event SCI enters an agreement with a third party that includes the sublicense of
rights in the New Patent Rights and/or the New Cell Technology in combination with the
license or sublicense of any other intellectual property, that fraction of the Sublicense
Receipts representing the value of such other intellectual property to the total
intellectual property so licensed or sublicensed for the purposes of such agreement shall be
excluded from the Sublicense Receipts. The determination of said fraction shall be made in
good faith by SCI, provided that:

	 	(a)	 	SCI shall first furnish NS with a full description of the scope
of each such agreement, the specific technology included in such agreement, the
fraction SCI believes the New Patent Rights and/or the New Cell Technology
constitute of the total intellectual property covered by such agreement, and
the rationale used by SCI in the determination of said fraction, and shall then
afford NS the opportunity to confer before SCI makes its determination of such
fraction. Related information requested by NS and necessary for NS to
understand SCI’s proposal as to said fraction shall not be unreasonably
withheld by SCI, provided, however, that SCI shall be under no obligation to
create or obtain information not in its possession and that any such
information, unless otherwise publicly disclosed by SCI, shall be Confidential
Information, and
	 
	 	(b)	 	In the event that such a sublicense includes transplantation
uses of the New Patent Rights and/or the New Cell Technology, the fraction
shall not be less than [****].

so that the Section reads in full:

3.12 Sublicensing Fee

SCI
shall pay to NS an amount equal to [****], that SCI shall receive in respect of its issuance of
sublicenses of rights in the New Patent Rights and/or the New Cell Technology (the
“Sublicense Receipts”). Notwithstanding the foregoing, SCI shall have no

 

[****] Certain information has been omitted and filed separately with the
Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

 

Hugh Jones

March 9, 2005

Page 3

obligation to make any payment to NS based on its receipt of funds for equity investments in
SCI, loans to SCI, including without limitation loans which are convertible into equity in
SCI, or research and development or sponsored research funding, whether or not paid to SCI
in connection with such a sublicense, including any product candidate utilizing New Patent
Rights and/or the New Cell Technology. In the event SCI enters an agreement with a third
party that includes the sublicense of rights in the New Patent Rights and/or the New Cell
Technology in combination with the license or sublicense of any other intellectual property,
that fraction of the Sublicense Receipts representing the value of such other intellectual
property to the total intellectual property so licensed or sublicensed for the purposes of
such agreement shall be excluded from the Sublicense Receipts. The determination of said
fraction shall be made in good faith by SCI, provided that

	 	(a)	 	SCI shall first furnish NS with a full description of the scope
of each such agreement, the specific technology included in such agreement, the
fraction SCI believes the New Patent Rights and/or the New Cell Technology
constitute of the total intellectual property covered by such agreement, and
the rationale used by SCI in the determination of said fraction, and shall then
afford NS the opportunity to confer before SCI makes its determination of such
fraction. Related information requested by NS and necessary for NS to
understand SCI’s proposal as to said fraction shall not be unreasonably
withheld by SCI, provided, however, that SCI shall be under no obligation to
create or obtain information not in its possession and that any such
information, unless otherwise publicly disclosed by SCI, shall be Confidential
Information, and
	 
	 	(b)	 	In the event that such a sublicense includes transplantation
uses of the New Patent Rights and/or the New Cell Technology, the fraction
shall not be less than [****].

For the purposes of this Section 3.12 reference to any cash payment shall, to the extent
consistent with the preceding sentence hereof, include any cheque, money order or other
negotiable instrument that may be provided in lieu of cash.

 

 

Hugh Jones

March 9, 2005

Page 4

Except as modified above, all other terms, conditions and covenants of the Agreement remain in full
force and effect. Further, Section 3.12 as amended would apply only to the New Sublicense, and not
to the interim agreement currently in place between StemCells and StemCell Technologies, Inc.

If NeuroSpheres Ltd. and Neurospheres Holdings Ltd. agree to this Third Letter Amendment, please
have the enclosed copy dated and signed on their behalves and return it to me.

Sincerely,

/s/ Iris Brest

Iris Brest

General Counsel

The terms of the Second Letter Amendment set forth above are hereby accepted:

	 	 	 
	NeuroSpheres Ltd.
	 	 
	 
	 	 
	/s/ Hugh Jones

	 	March 17, 2005
	 

	 	 
	by:  Hugh Jones

	 	date
	 
	 	 
	NeuroSpheres Holdings Ltd.
	 	 
	 
	 	 
	/s/ Hugh Jones

	 	March 17, 2005
	 

	 	 
	by:  Hugh Jones

	 	date

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