Document:

Exhibit 4.7

 

NON-QUALIFIED
STOCK OPTION AGREEMENT

 

Isolagen, Inc., a
Delaware corporation (the “Company”), hereby grants to Susan S.
Ciallella (the “Optionee”), a non-qualified stock option (the “Option”)
to purchase a total of 300,000 shares
(the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), at the price as determined as provided herein (the “Option Agreement”).

 

Optionee
was originally issued this Option as of April 28, 2005 (the “Date of Grant”).  The Option contained a vesting provision that
provided for the vesting of the Shares issued hereunder in three equal annual
increments.  Effective December 31, 2005, the Company’s Board of Directors
approved the acceleration of all options issued to the Company’s employees and
directors as of such date.  This Option
sets forth the terms and conditions of the accelerated Option hereby issued to
the Optionee.

 

1.             Nature of Option.  This option is not intended to qualify as an incentive stock option
within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”).

 

2.             Exercise Price.  The
exercise price of this Option is $4.70 per share
of Common Stock acquired on exercise (the “Exercise Price”).  The number of Shares and Exercise Price are
subject to adjustment as provided herein.

 

3.             Term of Option; Termination of
Option.

 

This
Option shall expire and may not be exercised after April 28,
2015; provided that, and notwithstanding anything to the contrary
herein, this Option shall automatically terminate upon the happening of the
first of the following events:

 

(i)            The date on which the Optionee ceases to be
employed by, or provide service to, the Company for Cause.  In addition, notwithstanding the prior
provisions of this paragraph, if the Optionee engages in conduct that
constitutes Cause after the Optionee’s employment or service terminates, the
Option shall immediately terminate.

 

4.             Exercise of Options.  This
Option shall be exercisable during its term, subject to Section 3 above
and the following provisions:

 

a.             Vesting Period.  The
Option is immediately exercisable in full.

 

b.             Method of Exercise.  This
Option is exercisable by delivery to the attention to the Secretary of the
Company, no fewer than five business days prior to the proposed effective date
of exercise of this Option Agreement, a written notice, signed by the Optionee,
specifying the number of Shares to be acquired on, and the effective date of,
such exercise.

 

c.             Method of Payment. 
Payment of the Exercise Price for the Shares purchased under this Option
shall be delivered to the Company on the effective date of exercise by one or
any combination of the following: (i) Cash, (ii) Certified Check, (iii) Bank
Cashier’s Check, (iv) Wire Transfer, or (v) any other method
expressly approved by the Committee.

 

5.             Restrictions on Exercise.  This
Option may not be exercised if the issuance of such Shares or the method of
payment of this consideration for such Shares would constitute a violation of
any applicable federal or state securities or other laws or regulations, or any
rules or regulations of any stock exchange on which the Common Stock may
be listed.

 

1

 

6.             Non-Transferability of
Option.  During the lifetime of the Optionee, the Optionee
may only exercise this Option.  This
Option is not assignable or transferable otherwise than by will or by the laws
of descent and distribution or pursuant to certain domestic relations orders.  The terms of this Option Agreement shall be
binding on the Optionee’s heirs and successors and on the administrators and
executors of the Optionee’s estate.  Upon
any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of
this Option or of such rights contrary to the provisions hereof, or upon the
levy of any attachment or similar process upon this Option or such rights, this
Option and such right shall, at the election of the Company, become null and
void.

 

7.             Adjustments.  If
there is any change in the number or kind of shares of Common Stock outstanding
(i) by reason of a stock dividend, spinoff, recapitalization, stock split,
or combination or exchange of shares, (ii) by reason of a merger,
reorganization or consolidation, (iii) by reason of a reclassification or
change in par value, or (iv) by reason of any other extraordinary or
unusual event affecting the outstanding Common Stock as a class without the
Company’s receipt of consideration, or if the value of outstanding shares of
Common Stock is substantially reduced as a result of a spinoff or the Company’s
payment of an extraordinary dividend or distribution, the number of shares of
Common Stock Optionee may receive hereunder, and the price per share of this
Option may be appropriately adjusted by the Committee to reflect any increase
or decrease in the number of, or change in the kind or value of, issued shares
of Common Stock to preclude, to the extent practicable, the enlargement or
dilution of rights and benefits under this Option; provided, however, that any
fractional shares resulting from such adjustment shall be eliminated. Any
adjustments determined by the Committee shall be final, binding and conclusive.

 

8.             Consequences of a Change of
Control.

 

a.             “Change of Control” shall be deemed to have
occurred if, or upon:

 

(i)            Any “person” [as such term is used in
sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (“Exchange Act”)] becomes a “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing more than 50% of the voting power of the then outstanding
securities of the Company; provided that a Change of Control shall not be
deemed to occur as a result of a transaction in which the Company becomes a
subsidiary of another corporation and in which the shareholders of the Company,
immediately prior to the transaction, will beneficially own, immediately after
the transaction, shares entitling such shareholders to more than 50% of all
votes to which all shareholders of the parent corporation would be entitled in
the election of directors; or

 

(ii)           The consummation of (1) a merger or
consolidation of the Company with another corporation where the shareholders of
the Company, immediately prior to the merger or consolidation, will not
beneficially own, immediately after the merger or consolidation, shares
entitling such shareholders to more than 50% of all votes to which all
shareholders of the surviving corporation would be entitled in the election of
directors, (2) a sale or other disposition of all or substantially all of
the assets of the Company, or (3) a liquidation or dissolution of the
Company.

 

b.             In the event of a Change of Control, the
Committee may take any one or more of the following actions with respect to
this Option, without the consent of the Optionee: (1) the Committee may
determine that the Option shall be fully exercisable, as of the date of the
Change of Control or at such other time or subject to specific conditions as
the Committee determines, (2) the Committee may require that the Optionee
surrender this Option in exchange for one or more payments by the Company, in
cash or

 

2

 

Common Stock as determined
by the Committee, in an amount equal to the amount by which the then Fair Market
Value of the shares of Common Stock subject to the Optionee’s unexercised
portion of this Option exceeds the Exercise Price, if any, and on such terms as
the Committee determines, (3) after giving the Optionee an opportunity to
exercise the outstanding vested portion of this Option, the Committee may
terminate any or all unexercised or unvested portion of the Option at such time
as the Committee deems appropriate, or (4) the Committee may determine
that the Option shall remain outstanding after the Change of Control and shall
be converted to similar grants of the surviving corporation (or a parent or
subsidiary of the surviving corporation). Such acceleration, surrender,
termination, settlement or assumption shall take place as of the date of the
Change of Control or such other date as the Committee may specify.

 

c.             “Fair Market Value” of Common Stock means,
unless the Committee determines otherwise, (1) if the principal trading
market for the Common Stock is the American Stock Exchange or another national
securities exchange, the “closing transaction” price at which shares of Common
Stock are traded on such securities exchange on the relevant date or (if there
were no trades on that date) the latest preceding date upon which a sale was
reported, (2) if the Common Stock is not principally traded on a national
securities exchange, but is quoted on The Nasdaq Stock Market, Inc.
National Market System (“NMS”) or Small-Cap Market (“Small-Cap”), the NASD OTC
Bulletin Board (“OTCBB”) or the Pink Sheets, the last reported “closing
transaction” price of Common Stock on the relevant date, as reported by the
NMS, Small-Cap, OTCBB or Pink Sheets, or, if not so reported, as reported in a
customary financial reporting service, as the Committee determines, or (3) if
the Common Stock is not publicly traded or, if publicly traded, is not subject
to reported closing transaction prices as set forth above, the Fair Market
Value per share shall be as determined by the Committee. Notwithstanding the
foregoing, for federal, state and local income tax purposes, the Fair Market
Value may be determined by the Committee in accordance with uniform and
non-discriminatory standards adopted by it from time to time.

 

9.             Grant Subject to Committee.  The
Committee shall have the authority to interpret and construe the terms of this
Option, and its decisions shall be conclusive as to any questions arising
hereunder.

 

10.          No Employment or Other Rights.  The
grant of this Option shall not confer upon the Optionee any right to be
retained by or in the employ or service of the Company and shall not interfere
in any way with the right of the Company to terminate the Optionee’s employment
or service at any time.  Subject to any
other agreement between the parties, the right of the Company to terminate at
will the Optionee’s employment or service at any time for any reason is
specifically reserved.

 

11.          No Shareholder Rights. 
Neither the Optionee, nor any person entitled to exercise the Optionee’s
rights in the event of the Optionee’s death, shall have any of the rights and
privileges of a shareholder with respect to the Shares subject to the Option,
until certificates for Shares have been issued upon the exercise of the Option.

 

12.          Independent Legal and Tax Advice.  The
Optionee has and will obtain independent legal and tax advice regarding the
grant and exercise of this Option and the disposition of the Shares acquired
thereby.

 

13.          Amendment.  This
Option Agreement may not be amended, modified, or waived except by a written
instrument signed by the party against whom enforcement of any such
modification, amendment, or waiver is sought.

 

3

 

14.          Governing Law.  This
Option Agreement shall be governed by and shall be construed and enforced in
accordance with the laws of the State of Delaware, without giving effect to any
conflict of law provisions.

 

15.          Supersedes Prior Agreements.  This
Option Agreement shall supersede and replace all prior oral agreements and
understandings, not set forth in an Option Agreement in the form of a formal
agreement substantively similar to this Option Agreement, between the Company
and the Optionee regarding the grant of any options or other derivative
securities.

 

[REMAINDER
OF PAGE LEFT BLANK]

 

4

 

DATE OF GRANT:    April 28,
2005

 

ISOLAGEN,
INC.

 

 

	
  By:

  	
   

  	
   

  
	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  
	
  Title:

  	
   

  	
   

  
					

 

 

The
Optionee has reviewed this Option Agreement in its entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Option Agreement,
and fully understands all terms and conditions of this Option Agreement.  The Optionee hereby agrees to accept as
binding, conclusive, and final all decisions or interpretations of the Compensation
Committee of the Company’s Board of Directors on any questions arising under this
Option Agreement.

 

By
OPTIONEE:

 

 

	
   

  	
   

  

Susan S. Ciallella

 

5Exhibit 4.8

 

NON-QUALIFIED STOCK OPTION AGREEMENT

 

Isolagen, Inc., a Delaware corporation (the “Company”),
hereby grants to Todd Greenspan (the “Optionee”), a
non-qualified stock option (the “Option”) to purchase a total of 50,000 shares (the “Shares”) of the Company’s common stock,
par value $0.001 per share (the “Common Stock”), at the price as determined as
provided herein (the “Option Agreement”).

 

Optionee was originally
issued this Option as of May 3, 2005 (the “Date of Grant”).  The Option contained a vesting provision that
provided for the vesting of the Shares issued hereunder in three equal annual
increments.  Effective December 31, 2005,
the Company’s Board of Directors approved the acceleration of all options
issued to the Company’s employees and directors as of such date.  This Option sets forth the terms and
conditions of the accelerated Option hereby issued to the Optionee.

 

1.             Nature of Option.  This option is not intended to qualify as an incentive stock option
within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”).

 

2.             Exercise Price.  The
exercise price of this Option is $4.45 per share
of Common Stock acquired on exercise (the “Exercise Price”).  The number of Shares and Exercise Price are
subject to adjustment as provided herein.

 

3.             Term of Option; Termination of
Option.

 

a.             This Option shall expire and may not be
exercised after May 3, 2010; provided that, and
notwithstanding anything to the contrary herein, this Option shall
automatically terminate upon the happening of the first of the following
events:

 

(i)            The expiration of the three-month period
after the Optionee ceases to be employed by, or provide service to, the
Company, if the termination is for any reason other than Disability (as defined
herein), death or Cause (as defined herein).

 

(ii)           The expiration of the one-year period after
the Optionee ceases to be employed by, or provide service to, the Company on
account of the Optionee’s Disability.

 

(iii)          The expiration of the one-year period after
the Optionee ceases to be employed by, or provide service to, the Company, if
the Optionee dies while employed by, or providing service to, the Company or
while the Option remains outstanding as described in subparagraph (i) or (ii)
above.

 

(iv)          The date on which the Optionee ceases to be
employed by, or provide service to, the Company for Cause.  In addition, notwithstanding the prior
provisions of this paragraph, if the Optionee engages in conduct that constitutes
Cause after the Optionee’s employment or service terminates, the Option shall
immediately terminate.

 

b.             “Disability” means Optionee becoming disabled
within the meaning of the Code, within the meaning of the Company’s long-term
disability plan applicable to the Optionee, if any, or as otherwise determined
by the Compensation Committee of the Company’s Board of Directors (“Committee”).  “Cause” means, except to the extent otherwise
specified by the Committee, a finding by the Committee of Optionee’s
incompetence in the performance of duties, disloyalty, dishonesty, theft,
embezzlement, or unauthorized disclosure of customer lists, product lines,
processes or trade secrets of the Company, individually or as an employee,
partner, associate, officer or director of any organization.

 

1

 

4.             Exercise of Options.  This
Option shall be exercisable during its term, subject to Section 3 above and the
following provisions:

 

a.             Vesting Period.  The
Option is immediately exercisable in full.

 

b.             Method of Exercise.  This
Option is exercisable by delivery to the attention to the Secretary of the
Company, no fewer than five business days prior to the proposed effective date
of exercise of this Option Agreement, a written notice, signed by the Optionee,
specifying the number of Shares to be acquired on, and the effective date of,
such exercise.

 

c.             Method of Payment. 
Payment of the Exercise Price for the Shares purchased under this Option
shall be delivered to the Company on the effective date of exercise by one or
any combination of the following: (i) Cash, (ii) Certified Check, (iii) Bank
Cashier’s Check, (iv) Wire Transfer, or (v) any other method expressly approved
by the Committee.

 

5.             Restrictions on Exercise.  This
Option may not be exercised if the issuance of such Shares or the method of
payment of this consideration for such Shares would constitute a violation of
any applicable federal or state securities or other laws or regulations, or any
rules or regulations of any stock exchange on which the Common Stock may be
listed.

 

6.             Non-Transferability of
Option.  During the lifetime of the Optionee, the
Optionee may only exercise this Option. 
This Option is not assignable or transferable otherwise than by will or
by the laws of descent and distribution or pursuant to certain domestic
relations orders.  The terms of this
Option Agreement shall be binding on the Optionee’s heirs and successors and on
the administrators and executors of the Optionee’s estate.  Upon any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of this Option or of such rights contrary to
the provisions hereof, or upon the levy of any attachment or similar process
upon this Option or such rights, this Option and such right shall, at the
election of the Company, become null and void.

 

7.             Adjustments.  If
there is any change in the number or kind of shares of Common Stock outstanding
(i) by reason of a stock dividend, spinoff, recapitalization, stock split, or
combination or exchange of shares, (ii) by reason of a merger, reorganization
or consolidation, (iii) by reason of a reclassification or change in par value,
or (iv) by reason of any other extraordinary or unusual event affecting the
outstanding Common Stock as a class without the Company’s receipt of
consideration, or if the value of outstanding shares of Common Stock is
substantially reduced as a result of a spinoff or the Company’s payment of an
extraordinary dividend or distribution, the number of shares of Common Stock
Optionee may receive hereunder, and the price per share of this Option may be
appropriately adjusted by the Committee to reflect any increase or decrease in
the number of, or change in the kind or value of, issued shares of Common Stock
to preclude, to the extent practicable, the enlargement or dilution of rights
and benefits under this Option; provided, however, that any fractional shares
resulting from such adjustment shall be eliminated. Any adjustments determined
by the Committee shall be final, binding and conclusive.

 

8.             Consequences of a Change of
Control.

 

a.             “Change of Control” shall be deemed to have
occurred if, or upon:

 

(i)            Any “person” [as such term is used in
sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (“Exchange
Act”)] becomes a “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the 

 

2

 

Company representing more than 50% of the voting power of the then
outstanding securities of the Company; provided that a Change of Control shall
not be deemed to occur as a result of a transaction in which the Company
becomes a subsidiary of another corporation and in which the shareholders of
the Company, immediately prior to the transaction, will beneficially own, immediately
after the transaction, shares entitling such shareholders to more than 50% of
all votes to which all shareholders of the parent corporation would be entitled
in the election of directors; or

 

(ii)           The consummation of (1) a merger or
consolidation of the Company with another corporation where the shareholders of
the Company, immediately prior to the merger or consolidation, will not
beneficially own, immediately after the merger or consolidation, shares
entitling such shareholders to more than 50% of all votes to which all
shareholders of the surviving corporation would be entitled in the election of
directors, (2) a sale or other disposition of all or substantially all of the
assets of the Company, or (3) a liquidation or dissolution of the Company.

 

b.             In the event of a Change of Control, the
Committee may take any one or more of the following actions with respect to
this Option, without the consent of the Optionee: (1) the Committee may
determine that the Option shall be fully exercisable, as of the date of the
Change of Control or at such other time or subject to specific conditions as
the Committee determines, (2) the Committee may require that the Optionee
surrender this Option in exchange for one or more payments by the Company, in
cash or Common Stock as determined by the Committee, in an amount equal to the
amount by which the then Fair Market Value of the shares of Common Stock
subject to the Optionee’s unexercised portion of this Option exceeds the
Exercise Price, if any, and on such terms as the Committee determines, (3)
after giving the Optionee an opportunity to exercise the outstanding vested
portion of this Option, the Committee may terminate any or all unexercised or
unvested portion of the Option at such time as the Committee deems appropriate,
or (4) the Committee may determine that the Option shall remain outstanding
after the Change of Control and shall be converted to similar grants of the
surviving corporation (or a parent or subsidiary of the surviving corporation).
Such acceleration, surrender, termination, settlement or assumption shall take
place as of the date of the Change of Control or such other date as the
Committee may specify.

 

c.             “Fair Market Value” of Common Stock means,
unless the Committee determines otherwise, (1) if the principal trading market
for the Common Stock is the American Stock Exchange or another national
securities exchange, the “closing transaction” price at which shares of Common
Stock are traded on such securities exchange on the relevant date or (if there
were no trades on that date) the latest preceding date upon which a sale was
reported, (2) if the Common Stock is not principally traded on a national
securities exchange, but is quoted on The Nasdaq Stock Market, Inc. National
Market System (“NMS”) or Small-Cap Market (“Small-Cap”), the NASD OTC Bulletin
Board (“OTCBB”) or the Pink Sheets, the last reported “closing transaction”
price of Common Stock on the relevant date, as reported by the NMS, Small-Cap,
OTCBB or Pink Sheets, or, if not so reported, as reported in a customary
financial reporting service, as the Committee determines, or (3) if the Common
Stock is not publicly traded or, if publicly traded, is not subject to reported
closing transaction prices as set forth above, the Fair Market Value per share
shall be as determined by the Committee. Notwithstanding the foregoing, for
federal, state and local income tax purposes, the Fair Market Value may be
determined by the Committee in accordance with uniform and non-discriminatory
standards adopted by it from time to time.

 

9.             Grant Subject to Committee.  The
Committee shall have the authority to interpret and construe the terms of this
Option, and its decisions shall be conclusive as to any questions arising
hereunder.

 

3

 

10.          No Employment or Other Rights.  The
grant of this Option shall not confer upon the Optionee any right to be
retained by or in the employ or service of the Company and shall not interfere
in any way with the right of the Company to terminate the Optionee’s employment
or service at any time.  Subject to any
other agreement between the parties, the right of the Company to terminate at
will the Optionee’s employment or service at any time for any reason is
specifically reserved.

 

11.          No Shareholder Rights. 
Neither the Optionee, nor any person entitled to exercise the Optionee’s
rights in the event of the Optionee’s death, shall have any of the rights and
privileges of a shareholder with respect to the Shares subject to the Option,
until certificates for Shares have been issued upon the exercise of the Option.

 

12.          Independent Legal and Tax Advice.  The
Optionee has and will obtain independent legal and tax advice regarding the
grant and exercise of this Option and the disposition of the Shares acquired
thereby.

 

13.          Amendment.  This
Option Agreement may not be amended, modified, or waived except by a written
instrument signed by the party against whom enforcement of any such
modification, amendment, or waiver is sought.

 

14.          Governing Law.  This
Option Agreement shall be governed by and shall be construed and enforced in
accordance with the laws of the State of Delaware, without giving effect to any
conflict of law provisions.

 

15.          Supersedes Prior Agreements.  This
Option Agreement shall supersede and replace all prior oral agreements and
understandings, not set forth in an Option Agreement in the form of a formal
agreement substantively similar to this Option Agreement, between the Company
and the Optionee regarding the grant of any options or other derivative
securities.

 

[REMAINDER
OF PAGE LEFT BLANK]

 

4

 

	
  DATE
  OF GRANT:

  	
  May
  3, 2005

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ISOLAGEN, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:
  

  	
   

  	
   

  
	
  Name:
  

  	
   

  	
   

  
	
  Title:
  

  	
   

  	
   

  
							

 

 

The
Optionee has reviewed this Option Agreement in its entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Option
Agreement, and fully understands all terms and conditions of this Option
Agreement.  The Optionee hereby agrees to
accept as binding, conclusive, and final all decisions or interpretations of
the Compensation Committee of the Company’s Board of Directors on any questions
arising under this Option Agreement.

 

By
OPTIONEE:

 

 

	
   

  	
   

  
	
  Todd
  Greenspan

  

 

5

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