Document:

EXCLUSIVE LICENSE AGREEMENT

 

This Agreement (the “Agreement”),
effective as of December 12, 2013 (the “Effective Date”), is between the University of Massachusetts (“University”),
a public institution of higher education of the Commonwealth of Massachusetts as represented by its Worcester campus, and Amarantus
Bioscience Holdings, Inc. (“Company”), a California corporation.

 

RECITALS

 

WHEREAS, University owns intellectual property
rights as described in University's invention disclosure UMMC 11-52, entitled “Soluble MANF in Pancreatic Beta-Cell Disorders”;

 

WHEREAS, Company is engaged in business
relating to the development and commercialization of products that use or incorporate University's intellectual property rights
and has the capability of developing commercial applications of the intellectual property;

 

WHEREAS, Company desires to obtain an exclusive
license to University's intellectual property rights, and University is willing to grant an exclusive license to its intellectual
property rights under the following conditions so that these intellectual property rights may be developed to their fullest and
the benefits enjoyed by the general public; and

 

WHEREAS, the license that is granted in
this Agreement promotes the development of publicly funded intellectual property to practical application for the public good.

 

THEREFORE, University and Company agree
as follows:

 

1.            Definitions.

 

1.1           “Affiliate”
means an entity that controls, is controlled by, or is under common control with a party to this Agreement. The term “control”
as used in the preceding sentence means possession of the power to direct or call for the direction of the management and policies
of an entity, whether through ownership of a majority of the outstanding voting securities, by contract, or otherwise.

 

1.2.          “Confidential
Information” means any confidential or proprietary information furnished by one party (the “Disclosing Party”)
to the other party (the “Receiving Party”) in connection with this Agreement that is specifically designated as confidential,
as further described in Article 7. 

 

1.3.          “Field”
means all fields except commercial sale of research reagents covered by the Patent Rights is specifically excluded from the Field.

 

1.4.          “Licensed
Product” means product that cannot be developed, manufactured, used, or sold without infringing one or more Valid Claims
under the Patent Rights.

 

    	 

    	 

    

 

1.5.          “Licensed
Services” means any service that cannot be developed or performed without using at least one process or product that
infringes one or more Valid Claims under the Patent Rights.

 

1.6.          “Net
Sales” means the gross amount billed or invoiced on sales of Licensed Products or Licensed Services by Company, its Affiliates
and Sublicensees, less the following: (a) customary trade, quantity, or cash discounts to non-affiliated brokers or agents to the
extent actually allowed and taken; (b) amounts repaid or credited by reason of rejection or return; (c) to the extent separately
stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges levied on the production,
sale, transportation, delivery, or use of a Licensed Product or Licensed Services which is paid by or on behalf of Company; (d)
outbound transportation costs prepaid or allowed and costs of insurance in transit.

 

In any transfers of Licensed Products or
Licensed Services between any of Company and Affiliates and Sublicensees, Net Sales are calculated based on the final sale of the
Licensed Product or Licensed Services to an independent third party. If Company or an Affiliate or Sublicensee receives non-monetary
consideration for any Licensed Products or Licensed Services, Net Sales are calculated based on the fair market value of that consideration.
If Company or its Affiliates or Sublicensees uses or disposes of a Licensed Product or Licensed Services in the provision of a
commercial service, the Licensed Product or Licensed Service is sold and the Net Sales are calculated based on the sales price
of the Licensed Product or Licensed Service to an independent third party during the same Royalty Period or, in the absence of
sales, on the fair market value of the Licensed Product or Licensed Service as determined by the parties in good faith.

 

1.7.          “Patent
Rights” means (a) the United States and international patent applications listed in Exhibit A, (b) patent applications
covering invention disclosures listed in Exhibit A, (c) any divisional, continuation, or continuation-in-part of (a), (b), or (c)
to the extent the claims are directed to the subject matter specifically described therein, or (d) any patents issued on these
patent applications and any reissues or reexaminations or extensions of the patents, and any foreign counterparts to any of the
foregoing. For the sake of clarity, continuations of continuations and divisionals of divisionals are covered herein.

 

1.8.          “Royalty
Period” means the partial calendar quarter commencing on the date on which the first Licensed Product is sold (or Licensed
Services are performed) and every complete or partial calendar quarter thereafter during which either (a) this Agreement remains
in effect or (b) Company has the right to complete and sell work-in-progress and inventory of Licensed Products or Licensed Services
pursuant to Section 8.5.

 

1.9.          “Sublicense
Agreement” means any agreement in which Company grants rights to the Patent Rights pursuant to Section 2.2. For the avoidance
of doubt, an option agreement to obtain a Sublicense Agreement shall be a Sublicense Agreement for the purpose of this Agreement.

 

    	 

    	 

    

 

1.10.         “Sublicense
Income” means any payments or other value that Company receives from a Sublicensee or optionee in consideration of the
sublicense of the rights granted Company under Section 2.1., including without limitation, option fees, license fees, equity, milestone
payments, and license maintenance fees, but excluding the following payments: (a) payments made in consideration for the issuance
of equity or debt securities of Company at fair market value, (b) payments specifically committed to the development of Licensed
Products, and (c) royalties.

 

1.11.         “Sublicensee”
means any permitted sublicensee of the rights granted Company under this Agreement, as further described in Section 2.2.

 

1.12.         “Valid
Claim” means (a) a claim of an issued and unexpired patent covering the Patent Rights which has not been permanently
revoked or held unenforceable or invalid by an unappealable or unappealed decision of a court or government agency of competent
jurisdiction or (b) a claim of a pending patent application within the Patent Rights that has not been abandoned or finally disallowed
without the possibility of appeal or refiling.

 

2.            Grant
of Rights

 

2.1.          License
Grant. University grants to Company an exclusive, worldwide, royalty-bearing license in the Patent Rights to develop, have
developed, make, have made, use, have used, import, have imported, sell and have sold Licensed Products and Licensed Services in
the Field. University shall retain all other rights under, in, and to the Patent Rights.

 

2.2.          Sublicenses.
Company may grant sublicenses of its rights under Section 2.1. All Sublicense Agreements executed by Company pursuant to this Section
2.2 shall expressly bind the Sublicensee to the terms of this Agreement. Company shall promptly furnish University with a fully
executed copy of any sublicense or option agreement. Sublicenses granted pursuant to Section 2.2 shall survive the termination
of this Agreement, provided, however that Sublicensees agree to modify the Sublicense Agreements to conform with this Agreement
and to reflect University’s status as a tax-exempt educational and research institution.

 

2.3.          Retained
Rights.

 

(a)          University.
University retains the right to use the Patent Rights for academic research, teaching, and non-commercial patient care, without
payment of compensation to Company. University may license its retained rights under this Subsection 2.3(a) to research collaborators
of University faculty members, post-doctoral fellows, and students.

 

(b)          Federal
Government. If the federal government has funded any invention claimed in the Patent Rights, this Agreement and the grant of
any rights in Patent Rights are subject to the federal law set forth in 35 U.S.C. §§ 201-211 and the regulations promulgated
thereunder, as amended, or any successor statutes or regulations. Company acknowledges that these statutes and regulations reserve
to the federal government a royalty-free, non-exclusive, non-transferrable license to practice any government-funded invention
claimed in the Patent Rights. If any term of this Agreement fails to conform to those laws and regulations, the relevant term is
invalid, and the parties shall modify the term pursuant to Section 10.11.

 

    	 

    	 

    

 

(c)            Other
Organizations. University represents that all inventions claimed in the Patent Rights have been funded only by the federal
government or University funds.

 

3.            Company
Obligations Relating to Commercialization.

 

3.1.          Diligence
Requirements. Company shall use commercially reasonable efforts or cause its Affiliates and Sublicensees to use commercially
reasonable efforts to develop Licensed Products and/or Licensed Services and to introduce Licensed Products and/or Licensed Services
into the commercial market. Thereafter, Company or its Affiliates or Sublicensees shall make Licensed Products and/or Licensed
Services reasonably available to the public. Specifically, Company shall fulfill the following obligations:

 

(a)          Development
of Licensed Products.

 

(i)          On
or before execution of this Agreement, Company shall furnish University with a written research and development plan under which
Company intends as of the Effective Date to develop Licensed Products and/or Licensed Services.

 

(ii)         Within
sixty (60) days after each anniversary of the Effective Date, Company shall furnish University with a written report on progress
of its efforts during the prior year to develop and commercialize Licensed Products and/or Licensed Services, including without
limitation research and development efforts, efforts to obtain regulatory approval, marketing efforts, and sales figures. The Company
shall also include in the report a discussion of its intended development and commercialization efforts and sales projections for
the current year.

 

(b)         Regulatory
Milestones.

 

(i)          Within
six (6) year after the Effective Date, Company or its Affiliate or Sublicensee will have taken commercially reasonable efforts
to file an IND.

 

(ii)         
Within twelve (12) years after the Effective Date, Company or its Affiliate or Sublicensee have taken commercially reasonable
efforts to file a New Drug Application (“NDA”) or a Biologics License Application (“BLA”) with the
FDA covering at least one (1) Licensed Product.

 

(c)          Sales
Milestone.

 

(i)          Within
six (6) months after receiving FDA approval of the NDA or BLA for any Licensed Product, Company, its Affiliate or Sublicensee
shall market the approved Licensed Product in a territory, except where a delay occurs due to circumstances beyond
Company’s control.

 

3.2.          If
University determines that Company has not fulfilled its obligations under Subsection 3.1(b), University shall furnish Company
with written notice of the determination. Within sixty (60) days after receipt of the notice, Company shall either (a) fulfill
the relevant obligation or (b) negotiate with University a mutually acceptable schedule of revised diligence obligations, failing
which University may, immediately upon written notice to Company, terminate this Agreement or convert the exclusive license into
a non-exclusive license.

 

    	 

    	 

    

 

3.3.          Indemnification.

 

(a)          Indemnity.

 

Company shall indemnify, defend,
and hold harmless University and its trustees, officers, faculty, students, employees, and agents and their respective successors,
heirs and assigns (the "Indemnitees"), against any liability, damage, loss, or expense (including attorneys fees and
expenses of litigation) incurred by or imposed upon any of the Indemnitees in connection with any claims, suits, actions, demands
or judgments arising out of any theory of liability (including without limitation actions in the form of tort, warranty, or strict
liability and regardless of whether the action has any factual basis) concerning any product, process, or service that is made,
used, or sold pursuant to any right or license granted under this Agreement.

 

(b)          Procedures.
The Indemnitees agree to provide Company with prompt written notice of any claim, suit, action, demand, or judgment for which indemnification
is sought under this Agreement. Company agrees, at its own expense, to provide attorneys reasonably acceptable to University to
defend against any claim. The Indemnitees shall cooperate fully with Company in the defense and will permit Company to conduct
and control the defense and the disposition of the claim, suit, or action (including all decisions relative to litigation, appeal,
and settlement). However, any Indemnitee may retain its own counsel, at the expense of Company, if representation of the Indemnitee
by the counsel retained by Company would be inappropriate because of actual or potential conflicts in the interests of the Indemnitee
and any other party represented by that counsel. Company agrees to keep University informed of the progress in the defense and
disposition of the claim and to consult with University regarding any proposed settlement.

 

(c)          Insurance.
Company shall maintain insurance or self-insurance that is reasonably adequate to fulfill any potential obligation to the Indemnitees,
but not less than one million dollars ($1,000,000) for injuries to any one person arising out of a single occurrence and five million
dollars ($5,000,000) for injuries to all persons arising out of a single occurrence. Company shall provide University with written
evidence of insurance or self-insurance. Company shall continue to maintain the insurance or self-insurance after the expiration
or termination of this Agreement while Company, its Affiliate or Sublicensee continues to make, use, or sell a Licensed Product
and thereafter for five (5) years.

 

3.4.          Use
of University Name. In accordance with Section 7.2., Company and its Affiliates and Sublicensees may not use the name “University
of Massachusetts” or any variation of that name in connection with the marketing or sale of any Licensed Products.

 

    	 

    	 

    

 

3.5.          Marking
of Licensed Products. To the extent commercially feasible and legally required and consistent with prevailing business practices,
Company shall mark and shall cause its Affiliates and Sublicensees to mark all Licensed Products that are manufactured or sold
under this Agreement with the number of each issued patent under the Patent Rights that applies to a Licensed Product.

 

3.6.          Compliance
with Law. Company shall comply with, and shall ensure that its Affiliates and Sublicensees comply with, all local, state, federal,
and international laws and regulations relating to the development, manufacture, use, and sale of Licensed Products. Company expressly
agrees to comply with the following:

 

(a)          Company
or its Affiliates or Sublicensees shall obtain all necessary approvals from the United States Food & Drug Administration and
any similar foreign governmental authorities in which Company or Affiliate or Sublicensee intends to make, use, or sell Licensed
Products.

 

(b)          Company
and its Affiliates and Sublicensees shall comply with all United States laws and regulations controlling the export of commodities
and technical data, including without limitation all Export Administration Regulations of the United States Department of Commerce.
Among other things, these laws and regulations prohibit or require a license for the export of certain types of commodities and
technical data to specified countries and foreign nationals. Company hereby gives written assurance that it will comply with and
will cause its Affiliates and Sublicensees to comply with all United States export control laws and regulations, that it bears
sole responsibility for any violation of those laws and regulations by itself or its Affiliates or Sublicensees, and that it will
indemnify, defend, and hold University harmless (in accordance with Section 3.3.) for the consequences of any violation.

 

(c)          If
any invention claimed in the Patent Rights has been funded by the United States government, and only to the extent required by
applicable laws and regulations, Company agrees that any Licensed Products used or sold in the United States will be manufactured
substantially in the United States or its territories or that an appropriate waiver will be obtained. Current law provides that
if domestic manufacture is not commercially feasible under the circumstances, University may seek a waiver of this requirement
from the relevant federal agency on behalf of Company.

 

4.            Consideration
for Grant of Rights.

 

4.1.          License
Fee. In partial consideration of the rights granted Company under this Agreement, Company shall pay to University on the Effective
Date a license fee of Twenty-Five Thousand Dollars ($25,000). If License Fee is not paid in full within fifteen (15) days of the
Effective Date of this Agreement, the Agreement shall automatically terminate. These license fee payments are nonrefundable and
are not creditable against any other payments due to University under this Agreement.

 

    	 

    	 

    

 

4.2.          License
Maintenance Fee. Within sixty (60) days of the anniversary of the Effective Date during the term of this Agreement, Company
shall pay to University Fifteen Thousand Dollars ($15,000). This annual license maintenance fee is nonrefundable and is not creditable
against any other payments due to University under this Agreement.

 

4.3.          Milestone
Payments. Company shall pay University the following milestone payments within sixty (60) days after the occurrence of each
event for each Licensed Product:

 

	Event	 	Payment	 
	First Human Dose of a Licensed Product	 	$	50,000	 
	Initiation of first Phase II clinical trial of Licensed Product	 	$	75,000	 
	Initiation of first Phase III clinical trial of Licensed Product	 	$	100,000	 
	Approval of first Licensed Product for first indication in the United States	 	$	500,000	 

 

These milestone payments are nonrefundable and are not creditable
against any other payments due to University under this Agreement. For each Licensed Product, Company shall make all milestone
payments, even if an earlier milestone event has not occurred. For example, if Company proceeds from Phase I clinical trial directly
to Phase III, the milestone payments for both Phase II and III are due upon achievement of the Phase III milestone event. Also,
as further example, if Company uses a Phase II clinical trial as a registration trial and proceeds directly to approval of the
first Licensed Product in the United States without performing a Phase III trial, then upon approval of the Licensed Product, both
the Phase III and Approval milestone payments are due.

 

4.4.          Royalties.
Company shall pay to University a royalty of Two percent (2%) of Net Sales.

 

4.5.          Minimum
Royalty. Within sixty (60) days after the beginning of each calendar year of the Royalty Period, Company shall pay to University
a minimum royalty as follows:

 

(a)          Years
1 and 2: One Hundred Twenty-Five Thousand Dollars ($125,000) per year.

 

(b)          Years
3 and 4: Two Hundred Fifty Thousand Dollars ($200,000) per year.

 

(c)          Year
5: Five Hundred Thousand Dollars ($500,000)

 

Company may credit the minimum royalty paid under this Section
4.5 against actual royalties due on Net Sales and payable for the same calendar year, if any. Waiver of any minimum royalty payment
by University is not a waiver of any subsequent minimum royalty payment. If Company fails to make any minimum royalty payment within
the sixty-day period, that failure is a material breach of its obligations under this Agreement, and University may terminate this
Agreement in accordance with Section 8.3.

 

4.6.          Sublicense
Income. Company shall pay University Ten Percent (10%) of all Sublicense Income. Sublicense Income is due within sixty (60)
days after Company receives the relevant payment from the Sublicensee.

 

    	 

    	 

    

 

5.           Royalty
Reports; Payments; Records.

 

5.1.          First
Sale. Company shall report to University the date of first commercial sale of each Licensed Product within forty-five (45)
days after occurrence in each country.

 

5.2.          Reports
and Payments.

 

(a)          Within
sixty (60) days after the conclusion of each Royalty Period, Company shall deliver to University a report containing the following
information:

 

(i)            the
number of Licensed Products sold to independent third parties in each country and the number of Licensed Products used by Company,
its Affiliates and Sublicensees in the provision of services in each country;

 

(ii)           the
gross sales price for each Licensed Product by Company, its Affiliates and Sublicensees during the applicable Royalty Period in
each country;

 

(iii)          calculation
of Net Sales for the applicable Royalty Period in each country, including a listing of applicable deductions;

 

(iv)          total
royalty payable on Net Sales in United States dollars, together with the exchange rates used for conversion; and

 

(v)           Sublicense
Income due to University for the applicable Royalty Period from each Sublicensee.

 

(b)          Concurrent
with this report, Company shall remit to University any payment due for the applicable Royalty Period. If no royalties are due
to University for any Royalty Period, the report shall so state.

 

5.3.          Payments
in United States Dollars. Company shall make all payments in United States dollars. Company shall convert foreign currency
to United States dollars at the conversion rate existing in the United States (as reported in the Wall Street Journal) on
the last working day of the calendar quarter preceding the applicable Royalty Period. Company may not deduct exchange, collection,
or other charges.

 

5.4.          Payments
in Other Currencies. If by law, regulation, or fiscal policy of a particular country, conversion into United States dollars
or transfer of funds of a convertible currency to the United States is restricted or forbidden, Company shall give University prompt
written notice of the restriction within the sixty-day payment deadline described in Section 5.2. Company shall pay any amounts
due University through whatever lawful methods University reasonably designates. However, if University fails to designate a payment
method within thirty (30) days after University is notified of the restriction, Company may deposit payment in local currency to
the credit of University in a recognized banking institution selected by Company and identified by written notice to University,
and that deposit fulfills all obligations of Company to University with respect to that payment.

 

    	 

    	 

    

 

5.5.          Records.
Company shall maintain and shall cause its Affiliates and Sublicensees to maintain complete and accurate records of Licensed Products
that are made, used, or sold under this Agreement and any amounts payable to University in relation to Licensed Products with sufficient
information to permit University to confirm the accuracy of any reports delivered to University under Section 5.2. The relevant
party shall retain records relating to a given Royalty Period for at least three (3) years after the conclusion of that Royalty
Period, during which time University may, at its expense, cause its internal accountants or an independent, certified public accountant
to inspect records during normal business hours for the sole purpose of verifying any reports and payments delivered under this
Agreement. The accountant may not disclose to University any information other than information relating to accuracy of reports
and payments delivered under this Agreement. The parties shall reconcile any underpayment or overpayment within forty-five (45)
days after the accountant delivers the results of the audit. If any audit performed under this Section 5.5 reveals an underpayment
in excess of ten percent (10%) in any Royalty Period, Company shall bear the full cost of the audit. University may exercise its
rights under this Section 5.5 only once every year and only with reasonable prior notice to Company.

 

5.6.          Late
Payments. Any payments by Company that are not paid on or before the date payments are due under this Agreement bear interest
at 1.5% per month, calculated on the number of days that payment is delinquent.

 

5.7.          Method
of Payment. All payments under this Agreement should be made to the “University of Massachusetts” and sent to the
address identified below. Each payment should reference this Agreement and identify the obligation under this Agreement that the
payment satisfies.

 

5.8.          Withholding
and Similar Taxes. Royalty payments and other payments due to University under this Agreement may not be reduced by reason
of any withholding or similar taxes applicable to payments to University. Therefore all amounts owed to University under this Agreement
are net amounts and shall be grossed-up to account for any withholding taxes, value-added taxes or other taxes, levies or charges.

 

6.           Patents
and Infringement.

 

6.1.          Responsibility
for Patent Rights.

 

(a)          University
has primary responsibility at the expense of Company for the preparation, filing, prosecution, and maintenance of all Patent Rights,
using patent counsel reasonably acceptable to Company. University shall consult with Company as to the preparation, filing, prosecution,
and maintenance of all Patent Rights reasonably prior to any deadline or action with the United States Patent & Trademark Office
or any foreign patent office, shall furnish Company with copies of relevant documents reasonably in advance of consultation, and
shall consider in good faith any comments of Company on any of the foregoing.

 

    	 

    	 

    

 

(b)          If
University desires to abandon any patent or patent application within the Patent Rights, University shall provide Company with
at least sixty (60) days prior notice of the intended abandonment, and Company may, at its expense, prepare, file, prosecute, and
maintain the relevant Patent Rights.

 

(c)          University
shall consult with Company as to the jurisdictions in which to file, prosecute, and maintain Patent Rights. Notwithstanding the
foregoing, Company shall have the right (but not the obligation) to elect to file, prosecute, and maintain Patent Rights in any
jurisdiction not selected by University.

 

6.2.          Cooperation.
Each party shall provide reasonable cooperation in the preparation, filing, prosecution, and maintenance of all Patent Rights.
Cooperation includes, without limitation, promptly informing the other party of matters that may affect the preparation, filing,
prosecution, or maintenance of Patent Rights (such as, becoming aware of an additional inventor who is not listed as an inventor
in a patent application).

 

6.3.          Payment
of Expenses.

 

(a)          Within
thirty (30) days after the Effective Date, Company shall pay the University Ten Thousand Nine Hundred Sixty-One Dollars and Twenty-Eight
Cents ($10,961.28) to reimburse University for all actual expenses incurred as of the Effective Date in connection with obtaining
the Patent Rights.

 

(b)          Within
forty-five (45) days after University invoices Company, Company shall reimburse University for all patent-related expenses that
have not been paid under Subsection 6.3(a) and that are incurred by University pursuant to Section 6.1. Company may elect, upon
sixty (60) days’ written notice to University, to cease payment of the expenses associated with obtaining or maintaining
patent protection for one or more Patent Rights in one or more countries. If Company elects to cease payment of any patent expenses,
Company loses all rights under this Agreement with respect to the particular Patent Rights in those one or more countries.

 

6.4.          Infringement.

 

(a)          Notification
of Infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of any infringement
of the Patent Rights.

 

    	 

    	 

    

 

(b)          Company
Right to Prosecute. As long as Company remains the exclusive licensee of the Patent Rights in the Field, Company may, under
its own control and at its own expense, prosecute any third party infringement of the Patent Rights in the Field or, together with
licensees of the Patent Rights in other fields (if any), defend the Patent Rights in any declaratory judgment action brought by
a third party which alleges invalidity, unenforceability, or non-infringement of the Patent Rights. Prior to commencing any action,
Company shall consult with University and shall consider the views of University regarding the advisability of the proposed action
and its effect on the public interest. Company may not enter into any settlement, consent judgment, or other voluntary final disposition
of any infringement action under this Subsection 6.4(b) without the prior written consent of University, which consent may not
be unreasonably withheld or delayed. Any recovery obtained in an action under this Subsection 6.4(b) shall be distributed as follows:
(i) each party shall be reimbursed for any expenses incurred in the action (including the amount of any royalty payments withheld
from University as described below); (ii) as to ordinary damages, Company shall receive an amount equal to its lost profits or
a reasonable royalty on the infringing sales (whichever measure of damages the court applied), less a reasonable approximation
of the royalties that Company would have paid to University if Company had sold the infringing products and services rather than
the infringer; and (iii) as to special or punitive damages, the parties shall share equally in any award.

 

(c)          University
as Indispensable Party. University shall permit any action under Subsection 6.4(b) to be brought in its name if required by
law, provided that Company shall hold University harmless from, and if necessary indemnify University against, any costs, expenses,
or liability that University may incur in connection with the action.

 

(d)          University
Right to Prosecute. If Company fails to initiate an infringement action within a reasonable time after it first becomes aware
of the basis for the action, or to answer a declaratory judgment action within a reasonable time after the action is filed, University
may prosecute the infringement or answer the declaratory judgment action under its sole control and at its sole expense, and any
recovery obtained shall be given to University. If University takes action under this Subsection 6.4(d),
University shall keep Company reasonably informed of material actions taken by University pursuant to the infringement or declaratory
action.

 

(e)          Cooperation.
Both parties shall cooperate fully in any action under this Section 6.4. which is controlled by the other party, provided that
the controlling party reimburses the cooperating party promptly for any reasonable costs and expenses incurred by the cooperating
party in connection with providing assistance.

 

7.           Confidential Information; Publications; Publicity.

 

7.1.          Confidential Information.

 

(a)          Designation.
The Disclosing Party shall mark Confidential Information that is disclosed in writing with a legend indicating its
confidential status (such as, “Confidential” or “Proprietary”). The Disclosing party shall document
Confidential Information that is disclosed orally or visually in a written notice and deliver the notice to the Receiving
Party within thirty (30) days of the date of disclosure. The notice shall summarize the Confidential Information that was
disclosed and reference the time and place of disclosure.

 

    	 

    	 

    

 

(b)          Obligations.
For three (3) years after disclosure of any portion of Confidential Information, the Receiving Party shall (i) maintain Confidential
Information in confidence, except that the Receiving Party may disclose or permit the disclosure of any Confidential Information
to its trustees or directors, officers, employees, consultants, and advisors who are obligated to maintain the confidential nature
of Confidential Information and who need to know Confidential Information for the purposes of this Agreement; (ii) use Confidential
Information solely for the purposes of this Agreement; and (iii) allow its trustees or directors, officers, employees, consultants,
and advisors to reproduce the Confidential Information only to the extent necessary for the purposes of this Agreement, with all
reproductions being Confidential Information.

 

(c)          Exceptions.
The obligations of the Receiving Party under Subsection 7.1(b) do not apply to the extent that the Receiving Party can demonstrate
that Confidential Information (i) was in the public domain prior to the time of its disclosure under this Agreement; (ii) entered
the public domain after the time of its disclosure under this Agreement through means other than an unauthorized disclosure resulting
from an act or omission by the Receiving Party; (iii) was already known or independently developed or discovered by the Receiving
Party without use of the Confidential Information; (iv) is or was disclosed to the Receiving Party at any time, whether prior to
or after the time of its disclosure under this Agreement, by a third party having no fiduciary relationship with the Disclosing
Party and having no obligation of confidentiality with respect to the Confidential Information; or (v) is required to be disclosed
to comply with applicable laws or regulations or with a court or administrative order, provided that the Disclosing Party receives
reasonable prior written notice of the disclosure.

 

(d)          Ownership
and Return. The Receiving Party acknowledges that the Disclosing Party (or a third party entrusting its own information to
the Disclosing Party) owns the Confidential Information in the possession of the Receiving Party. Upon expiration or termination
of this Agreement, or at the request of the Disclosing Party, the Receiving Party shall return to the Disclosing Party all originals,
copies, and summaries of documents, materials, and other tangible manifestations of Confidential Information in the possession
or control of the Receiving Party, except that the Receiving Party may retain one copy of the Confidential Information in the possession
of its legal counsel solely for the purpose of monitoring its obligations under this Agreement.

 

7.2.          Publicity
Restrictions. Company may not use the name of University or any of its trustees, officers, faculty, students, employees, or
agents, or any adaptation of their names, or any terms of this Agreement in any promotional material or other public announcement
or disclosure without the prior written consent of University.

 

8.            Term
and Termination.

 

8.1.          Term.
This Agreement commences on the Effective Date and remains in effect until the expiration or abandonment of all Valid Claims or
the Patent Rights unless earlier terminated in accordance with the provisions of this Agreement.

 

8.2.          Voluntary
Termination by Company. Company may terminate this Agreement for any reason upon ninety (90) days’ prior written notice
to University.

 

    	 

    	 

    

 

8.3.          Termination
for Default. If either party commits a material breach of its obligations under this Agreement and fails to cure that breach
within sixty (60) days after receiving written notice of the breach, the other party may terminate this Agreement immediately upon
written notice to the party in breach, unless such the alleged breach is deputed by either party, in which case termination shall
not occur until the dispute resolution procedures under section 9 of this agreement have concluded. Notwithstanding the previous
sentence, if the alleged breach involves nonpayment of any amounts due University under this Agreement, Company has only one opportunity
to cure a material breach for which it receives notice as described above. Any subsequent material breach by Company will entitle
University to terminate this Agreement immediately upon written notice to Company, without the sixty-day cure period or the use
of the dispute resolution procedure.

 

8.4.          Force
Majeure. Neither party is responsible for delays resulting from causes beyond its reasonable control, including without limitation
fire, explosion, flood, war, strike, act of terrorism or riot, provided that the nonperforming party uses commercially reasonable
efforts to avoid or remove those causes of nonperformance and continues performance under this Agreement with reasonable dispatch
whenever the causes are removed.

 

8.5.          Effect
of Termination. The following provisions survive the expiration or termination of this Agreement: Articles 1 and 9;
Sections 3.3., 3.4, 3.6., 5.2. (obligation to provide final report and payment), 5.3., 5.4., 5.5., 5.6., 5.7., 5.8., 6.4.,
7.1., 7.2., 8.5 and 10.9. Upon the early termination of this Agreement, Company and its Affiliates may complete and sell any
work-in-progress and inventory of Licensed Products that exist as of the effective date of termination, provided that (a)
Company is current in payment of all amounts due University under this Agreement, (b) Company pays University the applicable
royalty and Sublicense Income on sales of Licensed Products in accordance with the terms of this Agreement, (c) Company and
its Affiliates complete and sell all work-in-progress and inventory of Licensed Products within twelve (12) months after the
effective date of termination, and (d) provided Sublicenses are modified in accordance with Section 2.2 to satisfaction of
the University.

 

9.           Dispute
Resolution.

 

9.1.          Procedures
Mandatory. The parties shall resolve any dispute arising out of or relating to this Agreement solely by means of the procedures
set forth in this Article. These procedures constitute legally binding obligations that are an essential provision of this Agreement.
If either party fails to observe the procedures of this Article, as modified by their written agreement, the other party may bring
an action for specific performance in any court of competent jurisdiction.

 

9.2.          Dispute
Resolution Procedures.

 

(a)          Negotiation.
In the event of any dispute arising out of or relating to this Agreement, the affected party shall notify the other party, and
the parties shall attempt in good faith to resolve the matter within ten (10) days after the date of notice (the “Notice
Date”). Any disputes not resolved by good faith discussions shall be referred to senior executives of each party, who shall
meet at a mutually acceptable time and location within thirty (30) days after the Notice Date and attempt to negotiate a settlement.

 

    	 

    	 

    

 

(b)          Mediation.
If the matter remains unresolved within sixty (60) days after the Notice Date, or if the senior executives fail to meet within
thirty (30) days after the Notice Date, either party may initiate mediation upon written notice to the other party, and both parties
shall engage in a mediation proceeding under the then current CPR Institute for Dispute Resolution (“CPR”) Model Procedure
for Mediation of Business Disputes. Specific provisions of this Subsection 9.2(b) override inconsistent provisions of the CPR Model
Procedure. The parties shall select the mediator from the CPR Panels of Neutrals. If the parties cannot agree upon the selection
of a mediator within ninety (90) days after the Notice Date, then upon the request of either party, the CPR shall appoint the mediator.
The parties shall attempt to resolve the dispute through mediation until one of the following occurs: (i) the parties reach a written
settlement; (ii) the mediator notifies the parties in writing that they have reached an impasse; (iii) the parties agree in writing
that they have reached an impasse; or (iv) the parties have not reached a settlement within one hundred twenty (120) days after
the Notice Date.

 

(c)          Trial
Without Jury. If the parties fail to resolve the dispute through mediation, or if neither party elects to initiate mediation,
each party may pursue any other remedies legally available to resolve the dispute. However, the parties expressly waive the right
to a jury trial in the legal proceeding under this Subsection 9.2(c).

 

9.3.          Preservation
of Rights Pending Resolution.

 

(a)          Performance
to Continue. Each party shall continue to perform its obligations under this Agreement pending final resolution of any dispute
arising out of or relating to this Agreement. However, a party may suspend performance of its obligations during any period in
which the other party fails or refuses to perform its obligations.

 

(b)          Provisional
Remedies. Although the procedures specified in this Article are the exclusive procedures for resolution of disputes arising
out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief if,
in its reasonable judgment, that action is necessary to avoid irreparable harm to itself or to preserve its rights under this Agreement.

 

(c)          Statute
of Limitations. The parties agree that all applicable statutes of limitation and time-based defenses (such as, estoppel and
laches) are tolled while the procedures set forth in Subsections 9.2.(a) and 9.2(b) are pending. The parties shall take any actions
necessary to effectuate this result.

 

    	 

    	 

    

 

10.            Miscellaneous.

 

10.1.        Representations
and Warranties. University represents that its employees have assigned to University their entire right, title, and interest
in the Patent Rights, and that it has authority to grant the rights and licenses set forth in this Agreement, and that it has
not granted any rights in the Patent Rights to any third party that is inconsistent with the grant of rights in this Agreement.
UNIVERSITY MAKES NO OTHER WARRANTIES CONCERNING THE PATENT RIGHTS, INCLUDING WITHOUT LIMITATION ANY EXPRESS OR IMPLIED WARRANTY
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Specifically, University makes no warranty or representation (a) regarding
the validity or scope of the Patent Rights, (b) that the exploitation of the Patent Rights or any Licensed Product will not infringe
any patents or other intellectual property rights of a third party, and (c) that any third party is not currently infringing or
will not infringe the Patent Rights.

 

10.2.        Compliance
with Law and Policies. Company agrees to comply with applicable law and the policies of University in the area of technology
transfer and shall promptly notify University of any violation that Company knows or has reason to believe has occurred or is likely
to occur. The University policies currently in effect at the Worcester campus are the Intellectual Property Policy, Policy on Conflicts
of Interest Relating to Intellectual Property and Commercial Ventures, and Policy on Faculty Consulting and Outside Activities.

 

10.3.        Tax-Exempt
Status. Company acknowledges that University, as a public institution of the Commonwealth of Massachusetts, is an exempt organization
under the United States Internal Revenue Code of 1986, as amended. Company also acknowledges that certain facilities in which the
licensed inventions were developed may have been financed through offerings of tax-exempt bonds. If the Internal Revenue Service
determines, or if counsel to University reasonably determines, that any term of this Agreement jeopardizes the tax-exempt status
of University or the bonds used to finance University facilities, the relevant term is invalid and shall be modified in accordance
with Section 10.11.

 

10.4.        Counterparts.
This Agreement may be executed in one or more counterparts, each of which is an original, and all of which together are one instrument.

 

10.5.        Headings.
All headings are for convenience only and do not affect the meaning of any provision of this Agreement.

 

10.6.        Binding
Effect. This Agreement is binding upon and inures to the benefit of the parties and their respective permitted successors and
assigns.

 

10.7.        Assignment.
This Agreement may not be assigned by either party without the prior written consent of the other party, which consent may not
be unreasonably withheld or delayed. Notwithstanding the foregoing, this Agreement may be assigned
by either party in connection with a merger, consolidation, sale of all of the equity interests of the party, or a sale of all
or substantially all of the assets of the party to which this Agreement relates.

 

10.8.        Amendment
and Waiver. The parties may only amend, supplement, or otherwise modify this Agreement through a written instrument signed
by both parties. The waiver of any rights or failure to act in a specific instance relates only to that instance and is not an
agreement to waive any rights or fail to act in any other instance.

 

    	 

    	 

    

 

10.9.        Governing
Law. This Agreement is governed by and construed in accordance with the laws of the Commonwealth of Massachusetts irrespective
of any conflicts of law principles. The parties may only bring legal action that arises out of or in connection with this Agreement
in the Massachusetts Superior Court in Suffolk County.

 

10.10.      Notice.
Any notices required or permitted under this Agreement shall be in

writing, shall specifically refer to this Agreement, and shall
be sent by recognized national overnight courier, or registered or certified mail, postage prepaid, return receipt requested, to
the following addresses:

 

	 	If to University:	 	If to Company:
	 	 	 	 
	 	Office of Technology Management	 	Amarantus Bioscience Holdings, Inc.
	 	University of Massachusetts	 	OTCQB: AMBS
	 	222 Maple Ave, Higgins Building	 	675 Almanor Ave
	 	Shrewsbury, MA 01545	 	Sunnyvale, CA 94085
	 	 	 	 
	 	Attention:  Executive Director	 	Attention:  President
	 	 	 	 
	 	 	 	Copy to:
	 	 	 	 
	 	 	 	Wilson Sonsini Goodrich & Rosati
	 	 	 	650 Page Mill Road
	 	 	 	Palo Alto, CA 94304
	 	 	 	 
	 	 	 	Attention: Vern Norviel 

 

All notices under this Agreement are effective upon receipt.
A party may change its contact information immediately upon written notice to the other party in the manner provided in this Section
10.10.

 

10.11.      Severability.
If any provision of this Agreement is held invalid or unenforceable for any reason, the invalidity or unenforceability does not
affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve
(to the extent possible) their original intent. If the parties fail to reach a modified agreement within sixty (60) days after
the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set
forth in Article 9. While the dispute is pending resolution, this Agreement shall be construed as if the provision were deleted
by agreement of the parties.

 

10.12.      Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes
all prior agreements or understandings between the parties relating to its subject matter.

 

The
parties have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

 

    	 

    	 

    

 

	UNIVERSITY OF MASSACHUSETTS	 	AMARANTUS BIOSCIENCE HOLDINGS, INC.
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	James P. McNamara, Ph.D.,	 	Name:	Marc E. Faerber
	Title:	Executive Director,	 	Title:	Chief Financial Officer
	 	Office of Technology Management	 	 	 
	Date: 	 	 	Date:	___December 12, 2013_______

 

    	 

    	 

    

 

EXHIBIT A

 

Patent Rights

 

UMMC 11-52

 

The US and foreign patent applications listed below pertaining
to UMMS 11-52 entitled: “Soluble MANF in Pancreatic Beta-Cell Disorders” and any application claiming priority thereto.

 

Provisional Application

Entitled: “Soluble MANF in Pancreatic Beta-Cell
Disorders”

Filed 1/24/2012 – Application No.
61/590,021

 

PCT Application

Entitled: “Soluble MANF in Pancreatic
Beta-Cell Disorders”

Filed 1/23/2013 – Application No.
PCT/US2013/022768THIS NOTE HAS NOT (AND ANY SHARES OF STOCK
ISSUABLE UPON THE TRIGGERING OF AN EVENT OF DEFAULT MAY NOT HAVE) BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. NEITHER THIS NOTE NOR ANY SHARES OF STOCK ISSUABLE UPON
THE TRIGGERING OF AN EVENT OF DEFAULT MAY BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
IN EFFECT WITH RESPECT TO THIS NOTE OR SHARES OF STOCK ISSUABLE UPON DEFAULT UNDER THIS NOTE UNDER SUCH ACT UNLESS SUCH REGISTRATION
IS NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE ACT.

 

Amarantus Bioscience Holdings, Inc.

 

Demand
Promissory Note

 

	Face Amount:	$500,000	February 14, 2014
	 	 	New York, NY

 

FOR VALUE RECEIVED,
the undersigned Amarantus Bioscience Holdings, Inc., (the “Borrower”), promises to pay to the order of Dominion
Capital LLC, its successors or assigns (the “Lender”), FIVE HUNDRED THOUSAND DOLLARS ($500,000) (the “Face
Amount”) by the earlier of March 31, 2014 (the “Maturity Date”) or on demand (“Demand”)
in accordance with the terms hereof, together with interest, as provided herein. The Maturity Date is extendable at the option
of the Borrower to August 14, 2014. As provided herein, payment may be made in either cash or common stock of the Borrower, at
the option of the Lender.

 

Interest at the rate
of twelve percent (12.00%), compounded monthly until the Maturity Date or Demand is made, and any other amounts due hereunder are
payable in lawful money of the United States of America to the Lender. Interest may be paid in cash at the Maturity Date, which
includes the maturity on Demand at the option of the Lender, which election shall be communicated to the Lender in writing, with
a guaranteed minimum of six months interest on the Face Amount to be paid.

 

Section 1.          Maturity.
Subject to the prepayment provisions contained herein, the Face Amount, along with the interest accrued thereon, shall be repaid
in cash at the Maturity Date, unless Demand is otherwise made prior to such Maturity Date.

 

Section 2.          Redemption
Premium. Upon the delivery by either party of at least three (3) prior business days’ written notice, Borrower shall
repay, in cash, the greater of (a) one hundred and five percent (105%) of the aggregate principal balance and interest due on this
Note outstanding as of the date of Redemption, or (b) one hundred percent (100%) of the aggregate principal balance and interest
due on this Note outstanding as of the date of Redemption plus the maximum amount permitted by law. Such Redemption shall satisfy
Borrower’s obligations pursuant to this Note in full and this Note shall be of no further force and effect.

 

    	 

    	 

    

 

Section 3.          Transferability.
This Note and any of the rights granted hereunder are freely transferable or assigned by Lender, in whole or in part, in its sole
discretion and without notice to the Borrower.

 

Section 4.          Event
of Default.

 

(a)       In
the event that any one of the following events shall occur (whatever the reason and whether it shall be voluntary or involuntary
or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of
any administrative or governmental body), it shall be deemed an Event of Default:

 

(i)          Any
default in the payment of the principal of, interest on or other charges in respect of this Note, or any other note issued by the
Borrower for the benefit of the Lender, as and when the same shall become due and payable;

 

(ii)         Borrower
shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise commit any breach
or default of any provision of this Note or any other agreement between the Borrower and the Lender;

 

(iii)        There
shall be a breach of any of the representations and warranties set forth in this Note or any transaction document executed contemporaneously
herewith; or

 

(iv)        Borrower,
shall commence, or there shall be commenced against Borrower any applicable bankruptcy or insolvency laws as now or hereafter in
effect or any successor thereto, or Borrower commences any other proceeding under any reorganization, arrangement, adjustment of
debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in
effect relating to Borrower or there is commenced against Borrower any such bankruptcy, insolvency or other proceeding which remains
undismissed for a period of sixty (60) days; or Borrower is adjudicated insolvent or bankrupt; or any order of relief or other
order approving any such case or proceeding is entered; or Borrower suffers any appointment of any custodian, private or court
appointed receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period
of sixty (60) days; or Borrower makes a general assignment for the benefit of creditors; or Borrower shall fail to pay or shall
state that it is unable to pay or shall be liable to pay, its debts as they become due or by any act or failure to act expressly
indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the
Borrower for the purpose of effecting any of the foregoing.

 

(b)      Upon
the occurrence of an Event of Default, the Lender shall give the Borrower notice of such occurrence, at which time the Borrower
shall have five (5) business days from receipt of such notice to pay the outstanding amount of the Note, with any unpaid interest
thereof, in full. In the event that full payment is not made upon the expiry of the five (5) day period, a default penalty equal
to two percent (2%) of the Face Amount per month during the period of Default (the “Default Penalty”). Lender
may then, at its sole discretion declare the entire then outstanding Face Amount of this Note together with any unpaid interest
and the Default Penalty immediately due and payable (a “Default Declaration”), in which event the Lender may,
at its sole discretion take any action it deems necessary to recover amounts due under this Note.

 

    	 

    	 

    

 

(c)       Upon
the occurrence of an Event of Default, the Lender shall be entitled to receive, in addition to the Face Amount of the Note, interest
thereon and the Default Penalty, the Lender shall be entitled to recover all of its costs, fees (including without limitation,
reasonable attorney’s fees and disbursements), and expenses relating collection and enforcement Note, including all costs
and expenses incurred by it in enforcing its rights under the Note and any transaction document entered into contemporaneously
herewith.

 

(d)       The
failure of Lender to exercise any of its rights hereunder in any particular instance shall not constitute a waiver of the same
or of any other right in that or any subsequent instance with respect to Lender or any subsequent holder. Lender need not provide
and Borrower hereby waives any presentment, demand, protest or other notice of any kind, and Lender may immediately and without
expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it
under applicable law. The remedies available to the Lender upon the occurrence of an Event of Default shall be cumulative.

 

Section 5.          Notices.
Any and all notices, service of process or other communications or deliveries required or permitted to be given or made pursuant
to any of the provisions of this Note shall be deemed to have been duly given or made for all purposes when hand delivered or sent
by certified or registered mail, return receipt requested and postage prepaid, overnight mail or courier as follows:

 

If to Lender,
at:

 

Dominion
Capital LLC

341 W. 38th
Street – 8th Floor

Suite 800

New York,
New York 10018

Attn: Mikhail
Gurevich

Or such
other address as may be given to the Borrower from time to time

 

If to Borrower,
at:

 

Amarantus
Bioscience Holdings, Inc.

 

Attn: Gerald
Commissiong

Or such
other address as may be given to the Lender from time to time

 

    	 

    	 

    

 

Section 6.         Usury.
This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the loan
evidenced hereby or otherwise, shall the amount paid or agreed to be paid to the Lender hereunder for the loan, use, forbearance
or detention of money exceed that permissible under applicable law. If at any time the performance of any provision of this Note
or of any other agreement or instrument entered into in connection with this Note involves a payment exceeding the limit of the
interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically
and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of
the Borrower and the Lender that all payments under this Note are to be credited first to interest as permitted by law, but not
in excess of (i) the agreed rate of interest set forth herein or therein or (ii) that permitted by law, whichever
is the lesser, and the balance toward the reduction of principal. The provision of this Section 6 shall never be superseded or
waived and shall control every other provision of this Note and all other agreements and instruments between the Borrower and
the Lender entered into in connection with this Note. To the extent permitted by applicable law, Borrower waives any right to
assert the defense of usury.

 

Section 7.          Governing
Law; Waiver of Jury Trial. This Note and the provisions hereof are to be construed according to and are governed by the laws
of the State of New York, without regard to principles of conflicts of laws thereof. Borrower agrees that the New York State Supreme
Court located in the County of New York, State of New York shall have exclusive jurisdiction in connection with any dispute concerning
or arising out of this Note or otherwise relating to the parties relationship. In any action, lawsuit or proceeding brought to
enforce or interpret the provisions of this Note and/or arising out of or relating to any dispute between the parties, Lender
shall be entitled to recover all of its costs and expenses relating collection and enforcement of this Note (including without
limitation, reasonable attorney’s fees and disbursements) in addition to any other relief to which Lender may be entitled.
Each party agrees that any process or notice to be served or delivered in connection with any action, lawsuit or proceeding brought
hereunder may be accomplished in accordance with the notice provisions set forth above or as otherwise provided by applicable
law. 

BORROWER HEREBY WAIVES TRIAL BY JURY IN
ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, ARISING OUT OF OR IN ANY WAY
RELATING TO THIS NOTE.

 

Section 8.         Successors
and Assigns. Subject to applicable securities laws, this Note and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors of Borrower and the successors and assigns of Lender.

 

Section 9.          Payment
of Legal Fees. All costs of collection, including any legal fees associated with this Note will be paid by the Borrower.

  

Section 10.        Amendment.
This Note may be modified or amended or the provisions hereof waived only with the written consent of Lender and Borrower.  

 

Section 11.        Severability.
Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Note.

 

[ SIGNATURE PAGE
TO FOLLOW ]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Borrower has caused this Demand Promissory Note to be duly authorized officer and/or such individual borrower as of the date first
above indicated.

 

	 	Amarantus Bioscience Holdings, Inc.
	 	 	 
	 	By:	 
	 	 	Name: Marc E. Faerber
	 	 	Title: Chief Financial Officer

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