Document:

Exhibit
4.5

 

THE SECURITIES REPRESENTED BY THIS AGREEMENT ARE OFFERED FOR INVESTMENT ONLY AND HAVE NOT BEEN
REGISTERED PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OF 1933 FROM
REGISTRATION AS AMENDED (“SECURITIES ACT”), AND HAVE BEEN OFFERED AND SOLD IN RELIANCE
UPON THE EXEMPTION, SPECIFIED IN SECTION 4(2) OF THE SECURITIES ACT AND RULE 506 OF REGULATION D
PROMULGATED PURSUANT THERETO. WITHOUT SUCH REGISTRATION, SUCH SECURITIES
MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE
DISPOSED OF, EXCEPT UPON DELIVERY TO THE COMPANY AND ITS TRANSFER AGENT OF AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT THAT SUCH
REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER; OR THE SUBMISSION TO THE
COMPANY OR ITS TRANSFER AGENT OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO THE
COMPANY AND ITS TRANSFER AGENT TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT
BE IN VIOLATION OF THE SECURITIES ACT, APPLICABLE STATE SECURITIES LAWS OR ANY
RULE OR REGULATION PROMULGATED PURSUANT
THERETO.

 

	
  No. WC-l-2004

  	
   

  	
  1,100,000       Warrants

  

 

WARRANTS TO PURCHASE

              SHARES
OF

A.C.T. HOLDINGS, INC.

COMMON STOCK

WARRANT CERTIFICATE

 

Date of Issuance: December 30, 2004

 

WARRANT
AGREEMENT

 

This
Warrant Certificate certifies that                                     ,
or registered assigns, in
consideration of                   received,
is the registered holder of Warrants (the “Warrants”) to purchase initially, at
any time from December 30, 2005 (the “Effective Date”) until
5:30 p.m. Los Angeles time, on December 30, 2014 (“Expiration Date”),
up to the number of fully paid and nonassessable shares of common stock
(“Common Stock”) of A.C.T. Holdings, Inc., a Nevada corporation (the
“Company”) set forth above, at the initial exercise price, subject to
adjustment in certain events, of $0.85 per share (the “Exercise Price”) of Common Stock upon surrender of this
Warrant Certificate and payment of the Exercise Price at an office or agency of
the Company, but subject to the conditions set forth herein.

 

The Warrants are subject to
the following provisions, terms and conditions:

 

1

 

1.
EXERCISE OF WARRANTS

 

Exercise of Warrants. The Warrants may be exercised by the Holder,
in whole or in part (but not as to a fractional share of Common Stock), by
surrender of this Warrant Agreement at the principal office of the Company
located at 38 Plantation Street, Worcester, MA 01605 (or such other office or
agency of the Company as may be designated by notice in writing to the Holder
at the address of such Holder appearing on the books and records of the
Company), with the appropriate form attached hereto duly exercised, at any time
within the period beginning on the date of this Warrant Agreement, which is specified
above and ending on that date exactly ten (10) years from the Effective
Date (the “Exercise Period”) and (i) by certified or official bank check
or (ii) by surrender to the Company for cancellation of a portion of these
Warrants representing that number of unissued shares of Common Stock underlying
these Warrants which is equal to the quotient obtained by dividing (A) the
product obtained by multiplying the Exercise Price by the number of shares of
such Common Stock being purchased upon such exercise by (B) the difference
obtained by subtracting the Exercise Price from the average of the bid and
asked prices on the date of exercise (the “Per Share Market Value”) as of the
date of such exercise. In any case where the consideration payable upon such exercise
is being paid in whole or in part pursuant to the provisions of clause
(ii) of this subsection (b), such exercise shall be accompanied by
written notice from the Holder of these Warrants specifying the manner of
payment thereof and containing a calculation showing the number of such shares
of Common Stock with respect to which rights are being surrendered thereunder
and the net number of shares to be issued after giving effect to such
surrender. The Company agrees that the shares of Common Stock so purchased
shall be deemed to be issued to the Holder as the record owner of such shares
of Common Stock as of the close of business on the date on which the Warrant
Agreement shall have been surrendered and payment made for such shares of
Common Stock. Certificates representing the shares of Common Stock so purchased
shall be delivered to the Holder promptly and in no event later than thirty
(30) days after the Warrants shall have been so exercised.

 

2. ADJUSTMENTS AND NOTICES

 

A.
Adjustments. The
Exercise Price and the number of shares of Common Stock issuable upon exercise
of each Warrant shall be subject to adjustment from time to time, as follows:

 

(1)          Stock Dividends; Stock
Splits; Reverse Stock Splits; and Reclassifications. In the event that the Company shall
(a) pay a dividend with respect to its capital stock in shares of Common
Stock, (b) subdivide its issued and outstanding shares of Common Stock,
(c) combine its issued and outstanding shares of common stock into a
smaller number of shares of any class of Common Stock or (d) issue any
shares of its capital stock in a reclassification of the Common Stock
(including any such reclassification in connection with a merger, consolidation
or other business combination in which the Company is the continuing

 

2

 

corporation)
(any one of which actions is herein referred to as an “Adjustment Event”), the
number of shares of Common Stock purchasable upon exercise of each Warrant
immediately prior to the record date for such Adjustment Event shall be
adjusted so that the Holder shall thereafter be entitled to receive the number
of shares of Common Stock or other securities of the Company (such other
securities thereafter enjoying the rights of shares of Common Stock pursuant to
this Warrant Agreement) that such Holder would have owned or have been entitled
to receive after the happening of such Adjustment Event, had such Warrant been
exercised immediately prior to the happening of such Adjustment Event or any
record date with respect thereto. An adjustment made pursuant to this
Section 2A(1) shall become effective
immediately after the effective date of such Adjustment Event retroactive to
the record date, if any, for such Adjustment Event.

 

(2)         Adjustment of Exercise Price. Whenever the number of shares of Common
Stock purchasable upon the exercise of each Warrant is adjusted pursuant to
Section 2A(1) of this Warrant Agreement, the Exercise Price for each
share of Common Stock payable upon exercise of each Warrant shall be adjusted
by multiplying such Exercise Price immediately prior to such adjustment by a
fraction, the numerator of which shall be the number of shares of Common Stock
purchasable upon the exercise of each Warrant immediately prior to such
adjustment, and the denominator of which shall be the number of shares of
Common Stock so purchasable immediately thereafter.

 

(3)         De Minimis Adjustments. No adjustment in the number of shares of Common Stock purchasable
pursuant to this Warrant Agreement shall be required, unless such adjustment
would require an increase or decease of at least one percent (1%) in the number
of shares of Common Stock purchasable upon an exercise of each Warrant;
provided, however, that any adjustments which by reason of this Section 2A(3) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations
shall be made to the nearest full share.

 

B.
Notice of Adjustment.
Whenever the number of shares of Common Stock purchasable upon the exercise of
each Warrant or the Exercise Price is adjusted, as herein provided, the Company
shall promptly notify the Holder in writing (such writing referred to as an
“Adjustment Notice”) of such adjustment or adjustments and shall deliver to the
Holder a certificate of a firm of independent public accountants selected by
the Board of Directors of the Company (who may be the regular accountants
employed by the Company) or of the Independent Financial Expert, if any, which
makes a determination of Current Market Value with respect to any such
adjustment setting forth the number of shares of Common Stock purchasable upon
the exercise of each Warrant and the Exercise Price after such adjustment,
setting forth a brief statement of the facts requiring such adjustment and
setting forth the computation by which such adjustment was made.

 

3

 

C.
Amendment of Warrant Agreement. This Warrant Agreement may not be changed because of any change in the
Exercise Price or in the number of shares of Common Stock purchasable upon the
exercise of a Warrant. The Company may at the time in the Company’s sole
discretion make any change in the form of a warrant agreement that the Company
may deem appropriate and that does not affect the substance thereof and any
warrant agreement thereafter issued, whether in exchange or substitution for
any outstanding warrant agreement or otherwise, may be in the form so changed.

 

D.
Notice to Holder of Record Date, Dissolution, Liquidation or Winding Up. The Company shall cause to be mailed (by
first class mail, postage prepaid) to the Holder notice of the record date for
any dividend, distribution or payment, in cash or in kind (including, without
limitation, evidence of indebtedness and assets), with respect to shares of
Common Stock at least twenty (20) calendar days before any such date. In the
event that at any time after the date hereof, there shall be a voluntary or
involuntary dissolution, liquidation or winding up of the Company, then the Company
shall cause to be mailed (by first class mail, postage prepaid) to the Holder
at the Holder’s address as shown on the books of the Company, at the earliest
practicable time (and, in any event, not less than twenty (20) calendar days
before any date set for definitive action), notice of the date on which such
dissolution, liquidation or winding up shall take place, as the case may be.
The notices referred to above shall also specify the date as of which the
holders of the shares of Common Stock of record or other securities underlying
the Warrants shall be entitled to receive such dividend, money or the property
deliverable upon such dissolution, liquidation or winding up, as the case may
be (the “Entitlement Date”). In the case of a distribution of evidence of
indebtedness or assets (other than in dissolution, liquidation or winding up),
if the Holder elects to exercise the Warrants in accordance with Section 1
of this Warrant Agreement and become a holder of the Common Stock on the
Entitlement Date, the Holder shall thereafter receive the evidence of
indebtedness or assets distributed in respect of shares of Common Stock.

 

E.
Fractional Interest.
The Company shall not be required to issue fractional shares of Common Stock on
the exercise of the Warrants. If more than one Warrant shall be presented for
exercise in full at the same time by the same holder, the number of full shares
of Common Stock which shall be issuable upon such exercise shall be computed on
the basis of the aggregate number of whole shares of Common Stock purchasable
on exercise of the Warrants so presented. If any fraction of a share of Common
Stock would, except for the provisions of this Section 2E be issuable on
the exercise of the Warrants (or specified proportion thereof), the Company
shall pay an amount in cash calculated by it to be equal to the then fair value
of one share of Common Stock, as determined by the Board of Directors of the
Company in good faith, multiplied by such fraction computed to the nearest
whole cent.

 

3. RESERVATION AND AUTHORIZATION
OF COMMON STOCK

 

The Company covenants and agrees
(a) that all shares of Common Stock which may be issued upon the exercise
of the Warrants will, upon issuance, be validly issued, fully paid

 

4

 

and nonassessable and free
of all insurance or transfer taxes, liens and charges with respect to the issue
thereof; (b) that during the Exercise Period, the Company will at all
times have authorized, and reserved for the purpose of issue or transfer upon
exercise of the Warrants, sufficient shares of Common Stock to provide for the
exercise of the Warrants, and (c) that the Company will take all such
action as may be necessary to ensure that the shares of Common Stock issuable
upon the exercise of the Warrants may be so issued without violation of any
applicable law or regulation, or any requirements of any domestic securities
exchange upon which any capital stock of the Company may be listed; provided,
however, that nothing contained herein shall impose upon the Company any
obligation to register the Warrants or the Common Stock pursuant to applicable
securities laws. In the event that any securities of the Company, other than
the Common Stock, are issuable upon exercise of the Warrants, the Company will
take or refrain from taking any action referred to in clauses (a) through
(c) of this Section 3 as though such clauses applied, mutatis
mutandis, to such other securities then issuable upon the exercise the
Warrants.

 

4. NO VOTING RIGHTS

 

This
Warrant Agreement shall not entitle the Holder to any voting rights or other
rights as a stockholder of the Company.

 

5. EXERCISE OR TRANSFER OF WARRANTS OR COMMON STOCK

 

The
Holder agrees to be obligated by any and all provisions with respect to any and
all limitations, including limitations imposed by the Securities Act of 1933,
as amended, regarding the Warrants and the shares of Common Stock or other
securities issuable upon exercise of the Warrants. The Holder acknowledges and
agrees that he or she is aware that there are substantial restrictions on the
transferability of the Warrants and the shares of Common Stock or other
securities issuable upon exercise of the Warrants. The undersigned also
acknowledges and agrees that he or she shall be responsible for compliance with
all conditions on transfer imposed by a Securities Administrator of any state,
province or territory and for any expenses incurred by the Company for legal
and accounting services in connection with reviewing such a proposed transfer and
issuing opinions in connection therewith.

 

6. LOCK-UP PROVISION

 

In
the event that the Board of Directors of the Company determines, in its sole
and absolute discretion, that it is in the best interests of the Company and
its shareholders to cause Holder to execute a lockup/leak-out agreement related
to the common stock underlying the Warrants (whether such underlying common
stock is registered or not), Holder specifically agrees to execute such an
agreement as presented by the Company. The terms and conditions of such
lockup/leak-out agreement, if necessary, shall be set by the Company, in its
sole and absolute discretion, and will include, but not be limited to, at least
a twelve (12) month lockup/leak-out provision. In the event that Holder refuses
to execute the lockup/leak-out agreement (which may be a condition precedent to
the

 

5

 

issuance of the stock underlying the Warrants), the
Holder herewith specifically agrees that the Company may refuse to issue the
common stock issuable upon exercise of the Warrants.

 

7. PIGGY-BACK REGISTRATION RIGHTS

 

Subject
to the exceptions specified in this Section 8, in the event that the
Company decides to file a registration statement with the Securities and
Exchange Commission pursuant to the Securities Act, the Company shall provide
Holder with written notice of its intent to file a registration statement.
Holder will then have fifteen (15) days from the date appearing on the notice
to request, in writing, that the Company use its best efforts to include in
that registration statement, for registration, all or any portion of the common
stock issuable upon exercise of these Warrants. If Holder does not provide the
Company with written notice within fifteen (15) days, Holder loses Holder’s
right to request registration of the shares issuable upon the exercise of these
Warrants. If proper notice is given, the Company agrees to use its best efforts
to prepare and file with the Securities and Exchange Commission such amendments
and supplements to the registration statement and the prospectus used in
connection with such registration statement necessary to comply with the
provisions of the Securities Act and to cause such registration statement to
become effective. The Company shall pay all expenses and fees incurred by
Holder in registering all or any portion of the shares issuable upon exercise
of these Warrants. The exceptions to the piggy-back registration rights granted
herein (i.e., Holder will not have the right to request that the Company
register the common stock underlying the Warrants) are as follows: (i) the
registration statement filed by the Company is related or a condition to a
secondary offering conducted by the Company; or (ii) the registration
statement filed by the Company seeks to register stock whose aggregate value
(exclusive of the common stock issuable upon exercise of the Warrants) is less
than Ten Million Dollars ($10,000,000).

 

8. MERGERS, CONSOLIDATIONS, ETC.

 

A. Except as may otherwise be provided, if the
Company shall merge or consolidate with another corporation, the Holder shall
thereafter have the right, upon exercise of the rights specified in this
Warrant Agreement and payment of the Exercise Price, to receive solely the kind
and amount of shares of stock (including, if applicable, Common Stock), other
securities, property or cash or any combination thereof receivable by a holder
of the number of shares of Common Stock for which this Warrant Agreement might
have been exercised immediately prior to such merger or consolidation
(assuming, if applicable, that the holder of such Common Stock failed to
exercise its rights of election, if any, as to the kind or amount of shares of
stock, other securities, property or cash or combination thereof receivable
upon such merger or consolidation).

 

B. In case of any reclassification or change
of the shares of Common Stock issuable upon exercise of (other than elimination
or par value, a change in par value, or from par value to no par value, or as
the result of a subdivision or combination of shares (which is provided for
elsewhere herein), but including any reclassification of the shares of

 

6

 

Common stock into two (2) or more
classes or series of shares) or in case of any merger or consolidation of
another corporation into the Company in which the Company is the surviving
corporation and in which there is a reclassification or change of the shares of
Common Stock (other than a change in par value, or from par value to no par
value, or as a result of a subdivision or combination (which is provided for
elsewhere herein), but including any reclassification of the shares of Common
Stock, the Holder shall thereafter have the right, upon exercise hereof and
payment of the Exercise Price, to receive solely the kind and amount of shares
of stock (including, if applicable, Common Stock), other securities, property
or cash or any combination thereof receivable upon such reclassification,
change, merger or consolidation by a holder of the number of shares of Common
Stock for which the rights specified in this Warrant Agreement might have been
exercised immediately prior to such reclassification, change, merger or
consolidation (assuming, if applicable, that the holder of such Common Stock
failed to exercise its rights of election, if any, as to the kind or amount of
shares of stock, other securities, property or cash or combination thereof
receivable upon such reclassification, change, merger or consolidation).

 

9. RIGHTS AND OBLIGATIONS SURVIVE EXERCISE OF WARRANTS

 

The rights and obligations of the Company, of
the Holder, and of the holders of shares of Common Stock or other securities
issued upon exercise of the Warrants, specified in this Warrant Agreement shall
survive the exercise of the Warrants.

 

Dated: December 30, 2004

 

	
  COMPANY

  	
   

  
	
   

  	
   

  
	
  A.C.T. HOLDINGS, INC.,

  	
   

  
	
  A Nevada corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  David C. Merrell

  	
   

  	
   

  
	
  Its:

  	
  President

  	
   

  	
   

  
	
   

  	
   

  
	
  HOLDER

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Signature of Holder)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Print Name of Holder)

  	
   

  	
   

  
					

 

7Exhibit
4.6

 

ADVANCED CELL TECHNOLOGY, INC.

WARRANT AGREEMENT

 

This
Warrant Agreement certifies
that                                (the
“Holder”), is the owner
of                  warrants
(subject to adjustment as provided herein), each of which represent the right
to subscribe for and purchase from Advanced Cell Technology, Inc., a
Delaware corporation (the “Company”), one share of the Company’s common stock,
$.001 par value, (such common stock, including any stock into which it may be
changed, reclassified or converted, is herein referred to as the “Common
Stock”) (“Warrants”) at the purchase price of $1.27 per share (subject to
adjustment as provided herein) (the “Exercise Price”).

 

THE SECURITIES REPRESENTED BY THIS AGREEMENT ARE OFFERED FOR INVESTMENT ONLY AND HAVE NOT BEEN
REGISTERED PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OF 1933 FROM
REGISTRATION AS AMENDED (“ACT”), AND HAVE BEEN OFFERED AND SOLD IN RELIANCE
UPON THE EXEMPTION, SPECIFIED IN SECTION 4(2) OF THE ACT AND RULE 506 OF REGULATION D PROMULGATED PURSUANT
THERETO. WITHOUT SUCH REGISTRATION, SUCH SECURITIES MAY NOT BE SOLD,
TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT
UPON DELIVERY TO THE COMPANY AND ITS TRANSFER AGENT OF AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY AND ITS TRANSFER AGENT THAT SUCH REGISTRATION IS NOT REQUIRED
FOR SUCH TRANSFER; OR THE SUBMISSION TO THE COMPANY OR ITS TRANSFER AGENT OF
SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO THE COMPANY AND ITS TRANSFER
AGENT TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE
ACT, APPLICABLE STATE SECURITIES LAWS OR ANY RULE OR REGULATION PROMULGATED
PURSUANT THERETO.

 

The
Warrants are subject to the following provisions, terms and conditions:

 

1. EXERCISE OF WARRANTS

 

Exercise of Warrants. The Warrants may be exercised by the Holder,
in whole or in part (but not as to a fractional share of Common Stock), by
surrender of this Warrant Agreement at the principal office of the Company
located at One Innovation Drive, Worcester, MA 01605 (or such other office or
agency of the Company as may be designated by notice in writing to the Holder
at the address of such Holder appearing on the books and records of the
Company), with the appropriate form attached hereto duly exercised, at any time
within the period beginning on the date of this Warrant Agreement, which is
specified immediately above the signature lines of this Warrant Agreement
(“Effective Date”) and ending on that date exactly twenty-four (24) months from
the Effective Date (the “Exercise Period”) and by payment to the Company by
certified check or bank draft of the purchase price for such shares of the
Common Stock. The Company agrees that the shares of Common Stock so purchased
shall be deemed to be issued to the Holder as the record owner of such shares
of Common Stock as of the close of business on the date on which the Warrant
Agreement shall have been surrendered and payment made for such shares of
Common

 

 

Stock. Certificates
representing the shares of Common Stock 2 so purchased shall be delivered to
the Holder promptly and in no event later than thirty (30) days after the
Warrants shall have been so exercised.

 

2. ADJUSTMENTS AND NOTICES

 

A. Adjustments.
The Exercise Price and the number of shares of Common Stock issuable upon
exercise of each Warrant shall be subject to adjustment from time to time, as
follows:

 

(1) Stock Dividends; Stock Splits; Reverse Stock Splits; and
Reclassifications. In the
event that the Company shall (a) pay a dividend with respect to its capital
stock in shares of Common Stock, (b) subdivide its issued and outstanding
shares of Common Stock, (c) combine its issued and outstanding shares of
common stock into a smaller number of shares of any class of Common Stock or
(d) issue any shares of its capital stock in a reclassification of the
Common Stock (including any such reclassification in connection with a merger,
consolidation or other business combination in which the Company is the
continuing corporation) (any one of which actions is herein referred to as an
“Adjustment Event”), the number of shares of Common Stock purchasable upon
exercise of each Warrant immediately prior to the record date for such
Adjustment Event shall be adjusted so that the Holder shall thereafter be
entitled to receive the number of shares of Common Stock or other securities of
the Company (such other securities thereafter enjoying the rights of shares of
Common Stock pursuant to this Warrant Agreement) that such Holder would have
owned or have been entitled to receive after the happening of such Adjustment
Event, had such Warrant been exercised immediately prior to the happening of
such Adjustment Event or any record date with respect thereto. An adjustment
made pursuant to this Section 2A(1) shall become effective immediately
after the effective date of such Adjustment Event retroactive to the record
date, if any, for such Adjustment Event.

 

(2) Adjustment of Exercise Price. Whenever the number of shares of Common
Stock purchasable upon the exercise of each Warrant is adjusted pursuant to
Section 2A(1) of this Warrant Agreement, the Exercise Price for each
share of Common Stock payable upon exercise of each Warrant shall be adjusted
by multiplying such Exercise Price immediately prior to such adjustment by a
fraction, the numerator of which shall be the number of shares of Common Stock
purchasable upon the exercise of each Warrant immediately prior to such
adjustment, and the denominator of which shall be the number of shares of
Common Stock so purchasable immediately thereafter.

 

(3) De Minimis Adjustments. No adjustment in the number of shares of Common Stock purchasable
pursuant to this Warrant Agreement shall be required, unless such adjustment
would require an increase or decease of at least one percent (1%) in the number
of shares of Common Stock purchasable upon an exercise of each Warrant;
provided, however, that any adjustments which by reason of this
Section 2A(3) are not required to be made shall be carried forward
and taken into account in any subsequent adjustment. All calculations shall be
made to the nearest full share.

 

B. Notice of Adjustment. Whenever the number of shares of Common Stock
purchasable upon the exercise of each Warrant or the Exercise Price is
adjusted, as herein

 

2

 

provided, the Company shall
promptly notify the Holder in writing (such writing referred to as an
“Adjustment Notice”) of such adjustment or adjustments and shall deliver to the
Holder a certificate of a firm of independent public accountants selected by
the Board of Directors of the Company (who may be the regular accountants
employed by the Company) or of the Independent Financial Expert, if any, which
makes a determination of Current Market Value with respect to any such adjustment
setting forth the number of shares of Common Stock purchasable upon the
exercise of each Warrant and the Exercise Price after such adjustment, setting
forth a brief statement of the facts requiring such adjustment and setting
forth the computation by which such adjustment was made.

 

C. Amendment of Warrant Agreement. This Warrant Agreement may not be changed
because of any change in the Exercise Price or in the number of shares of
Common Stock purchasable upon the exercise of a Warrant. The Company may at the
time in the Company’s sole discretion make any change in the form of a warrant
agreement that the Company may deem appropriate and that does not affect the
substance thereof and any warrant agreement thereafter issued, whether in
exchange or substitution for any outstanding warrant agreement or otherwise,
may be in the form so changed.

 

D. Notice to Holder of Record Date, Dissolution, Liquidation or Winding
Up. The Company shall
cause to be mailed (by first class mail, postage prepaid) to the Holder notice
of the record date for any dividend, distribution or payment, in cash or in
kind (including, without limitation, evidence of indebtedness and assets), with
respect to shares of Common Stock at least twenty (20) calendar days before any
such date. In the event that at any time after the date hereof, there shall be
a voluntary or involuntary dissolution, liquidation or winding up of the
Company, then the Company shall cause to be mailed (by first class mail,
postage prepaid) to the Holder at the Holder’s address as shown on the books of
the Company, at the earliest practicable time (and, in any event, not less than
twenty (20) calendar days before any date set for definitive action), notice of
the date on which such dissolution, liquidation or winding up shall take place,
as the case may be. The notices referred to above shall also specify the date
as of which the holders of the shares of Common Stock of record or other
securities underlying the Warrants shall be entitled to receive such dividend,
money or the property deliverable upon such dissolution, liquidation or winding
up, as the case may be (the “Entitlement Date”). In the case of a distribution
of evidence of indebtedness or assets (other than in dissolution, liquidation
or winding up), if the Holder elects to exercise the Warrants in accordance
with Section 1 of this Warrant Agreement and become a holder of the Common
Stock on the Entitlement Date, the Holder shall thereafter receive the evidence
of indebtedness or assets distributed in respect of shares of Common Stock.

 

E. Fractional Interest. The Company shall not be required to issue fractional shares of Common
Stock on the exercise of the Warrants. If more than one Warrant shall be
presented for exercise in full at the same time by the same holder, the number
of full shares of Common Stock which shall be issuable upon such exercise shall
be computed on the basis of the aggregate number of whole shares of Common
Stock purchasable on exercise of the Warrants so presented. If any fraction of
a share of Common Stock would, except for the provisions of this
Section 2E be issuable on the exercise of the Warrants (or specified
proportion thereof), the Company shall pay an amount in cash calculated by it
to be equal to the then fair value of one share of Common Stock, as determined
by the Board of Directors

 

3

 

of the Company in good
faith, multiplied by such fraction computed to the nearest whole cent.

 

3. RESERVATION AND AUTHORIZATION OF COMMON STOCK The Company covenants and agrees
(a) that all shares of Common Stock which may be issued upon the exercise
of the Warrants will, upon issuance, be validly issued, fully paid and
nonassessable and free of all insurance or transfer taxes, liens and charges
with respect to the issue thereof; (b) that during the Exercise Period,
the Company will at all times have authorized, and reserved for the purpose of
issue or transfer upon exercise of the Warrants, sufficient shares of Common
Stock to provide for the exercise of the Warrants, and (c) that the
Company will take all such action as may be necessary to ensure that the shares of Common Stock
issuable upon the exercise of the Warrants may be so issued without violation
of any applicable law or regulation, or any requirements of any domestic
securities exchange upon which any capital stock of the Company may be listed;
provided, however, that nothing contained herein shall impose upon the Company
any obligation to register the Warrants or the Common Stock pursuant applicable
securities laws. In the event that any securities of the Company, other than
the Common Stock, are issuable upon exercise of the Warrants, the Company will
take or refrain from taking any action referred to in clauses (a) through
(c) of this Section 3 as though such clauses applied, mutatis
mutandis, to such other securities then issuable upon the exercise the
Warrants.

 

4. NO VOTING RIGHTS This Warrant Agreement shall not entitle the Holder to any voting
rights or other rights as a stockholder of the Company.

 

5. CALL OF WARRANTS BY THE COMPANY. The Company shall have the right to force the
purchase, at the Exercise Price, of any or all Warrants on or after the date
(the “Call Date”) on which: (i) the price (“price” shall be determined by
taking the average between the bid and ask prices over the preceding 5 day
period) of the Company’s common stock as reported on the Over the Counter
Bulletin Board, or other nationally recognized exchange, as the case may be,
equals or exceeds $3.17 per share; and (ii) the average trading volume of
the Company’s common stock on the Over the Counter Bulletin Board or other
nationally recognized exchange, as the case may be, equals or exceeds 20,000
shares per day over the previous 30 day period, (collectively, the “Conditions
to Call”). Should the Company determine that the Conditions to Call have been
satisfied, the Company shall provide the Holder with written notice of its
intent to call the warrants. The Holder shall have ten (10) days from the
date appearing on such notice to exercise the Warrants as specified herein and
tender the Exercise Price to the Company. If the Holder fails to exercise the
warrants within the specified period, all Warrants issued in the name of Holder
shall, without any other action by the Company, terminate.

 

6. EXERCISE OR TRANSFER OF WARRANTS OR COMMON STOCK The Holder agrees to be obligated by any and
all provisions with respect to any and all limitations, including limitations
imposed by the Securities Act of 1933, as amended, regarding the Warrants and
the shares of Common Stock or other securities issuable upon exercise of the
Warrants. The Holder acknowledges and agrees that he or she is aware that there
are substantial restrictions on the transferability of the Warrants and the shares
of Common Stock or other securities issuable upon exercise of the Warrants. The
undersigned also acknowledges and 5 agrees that he or she shall be responsible
for compliance with all

 

4

 

conditions on transfer
imposed by a Securities Administrator of any state, province or territory and
for any expenses incurred by the Company for legal and accounting services in
connection with reviewing such a proposed transfer and issuing opinions in
connection therewith.

 

7. LOCK-UP PROVISION In the event that the Board of Directors of
the Company determines, in its sole and absolute discretion, that it is in the
best interests of the Company and its shareholders to cause Holder to execute a
lockup/leak-out agreement related to the common stock underlying the Warrants
(whether such underlying common stock is registered or not), Holder
specifically agrees to execute such an agreement as presented by the Company.
The terms and conditions of such lockup/leak-out agreement, if necessary, shall
be set by the Company, in its sole and absolute discretion, and will include,
but not be limited to, at least a 12 month lockup/leak-out provision. In the
event that Holder refuses to execute the lockup/leak-out agreement (which may
be a condition precedent to the issuance o the stock underlying the Warrants),
the Holder herewith specifically agrees that the Company may refuse to issue
the common stock issuable upon exercise of the Warrants.

 

8. PIGGY-BACK REGISTRATION RIGHTS Subject to the exceptions specified in this
Section 8, in the event that the Company decides to file a registration
statement with the Securities and Exchange Commission (“Commission”) pursuant
to the 1933 Act, the Company shall provide Holder with written notice of its
intent to file a registration statement. Holder will then have fifteen (15)
days from the date appearing on the notice to request, in writing, that the
Company use its best efforts to include in that registration statement, for
registration, all or any portion of the common stock issuable upon exercise of
these Warrants. If Holder does not provide the Company with written notice
within fifteen (15) days, Holder loses Holder’s right to request registration
of the shares issuable upon the exercise of these Warrants. If proper notice is
given, the Company agrees to use its best efforts to prepare and file with the
Commission such amendments and supplements to the registration statement and
the prospectus used in connection with such registration statement necessary to
comply with the provisions of the 1933 Act and to cause such registration
statement to become effective. The Company shall pay all expenses and fees
incurred by Holder in registering all or any portion of the shares issuable
upon exercise of these Warrants. The exceptions to the piggy-back registration
rights granted herein (i.e., Holder will not have the right to request that the
Company register the common stock underlying the Warrants) are as follows:
(i) the registration statement filed by the Company is related or a
condition to a secondary offering conducted by the Company; or (ii) the
registration statement filed by the Company seeks to register stock whose
aggregate value (exclusive of the common stock issuable upon exercise of the
Warrants) is less than Ten Million Dollars ($10,000,000).

 

9. MERGERS, CONSOLIDATIONS, ETC. A. Except as may otherwise be provided, if
the Company shall merge or consolidate with another corporation, the Holder
shall thereafter have the right, upon exercise of the rights specified in this
Warrant Agreement and payment of the Exercise Price, to receive solely the kind
and amount of shares of stock (including, if applicable, Common Stock), other
securities, property or cash or any combination thereof receivable by a holder
of the number of shares of Common Stock for which this Warrant Agreement might
have been exercised immediately prior 6 to such merger or consolidation
(assuming, if applicable, that the holder of such Common Stock failed to
exercise its rights of election, if any, as to the kind or amount of shares of
stock,

 

5

 

other securities, property
or cash or combination thereof receivable upon such merger or consolidation).
B. In case of any reclassification or change of the shares of Common Stock
issuable upon exercise of (other than elimination or par value, a change in par
value, or from par value to no par value, or as the result of a subdivision or
combination of shares (which is provided for elsewhere herein), but including
any reclassification of the shares of Common stock into two (2) or more
classes or series of shares) or in case of any merger or consolidation of
another corporation into the Company in which the Company is the surviving
corporation and in which there is a reclassification or change of the shares of
Common Stock (other than a change in par value, or from par value to no par
value, or as a result of a subdivision or combination (which is provided for
elsewhere herein), but including any reclassification of the shares of Common
Stock, the Holder shall thereafter have the right, upon exercise hereof and
payment of the Exercise Price, to receive solely the kind and amount of shares
of stock (including, if applicable, Common Stock), other securities, property
or cash or any combination thereof receivable upon such reclassification,
change, merger or consolidation by a holder of the number of shares of Common
Stock for which the rights specified in this Warrant Agreement might have been
exercised immediately prior to such reclassification, change, merger or
consolidation (assuming, if applicable, that the holder of such Common Stock
failed to exercise its rights of election, if any, as to the kind or amount of
shares of stock, other securities, property or cash or combination thereof
receivable upon such reclassification, change, merger or consolidation).

 

10. RIGHTS AND OBLIGATIONS SURVIVE EXERCISE OF WARRANTS The rights and obligations of the Company, of
the Holder, and of the holders of shares of Common Stock or other securities
issued upon exercise of the Warrants, specified in this Warrant Agreement shall
survive the exercise of the Warrants.

 

Dated:                     ,
2005

 

	
   

  	
  COMPANY

  
	
   

  	
   

  
	
   

  	
  ADVANCED CELL TECHNOLOGY,
  INC., a

  
	
   

  	
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Michael D. West

  	
   

  	
   

  
	
   

  	
  Its President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOLDER

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  (Signature of Holder)

  
					

 

6

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