Document:

Exhibit 4.1

 

Co. ID: 10529 **RESTRICTED STOCK**

 

NOT VALID UNLESS COUNTERSIGNED BY TRANSFER
AGENT.

INCORPORATED UNDER THE LAWS OF THE STATE OF NEVADA

 

	
  NUMBER

  	
   

  	
  SHARES

  
	
   

  	
  

  	
   

  
	
   

  
	
   

  	
  AUTHORIZED COMMON STOCK: 50,000,000 SHARES

  PAR VALUE: $0.001

  	
  CUSIP NO. 00088R 10 5

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  This Certifies that

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Is The Record Holder Of

  	
   

  
	
   

  	
   

  
				

Shares of A.C.T. HOLDINGS, INC. Common
Stock

transferable
on the books of the Corporation by the holder hereof, in person or by duly
authorized attorney, upon surrender of this Certificate properly endorsed. This
Certificate is not valid until countersigned by the Transfer Agent and
registered by the Registrar.

 

Witness the facsimile seal of the Corporation and the facsimile
signatures of its duly authorized officers.

 

	
  Dated:        FEBRUARY 11,
  2005

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ William M. Caldwell, IV

  	
  /s/ Michael D. West

  
	
  SECRETARY

  	
  PRESIDENT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COUNTERSIGNED & REGISTERED

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
   

  	
  COUNTERSIGNED Transfer Agent - 

  
	
   

  	
   

  	
  Authorized Signature

  
				

 

	
  

  	
  INTERWEST TRANSFER CO. INC.  P.O. BOX 17136 / SALT LAKE CITY, UTAH 84117

  

 

*The shares represented by this certificate have not been registered
under the Securities Act of 1933, as amended. The shares have been acquired for
investment and may not be offered, sold or otherwise transferred in the absence
of an effective registration statement with respect to the shares or an
exemption from the registration requirements of said act that is then
applicable to the shares, as to which a prior opinion of counsel may be
required by the issuer or the transfer agent.*

 

#11-C • Copyright © 2004/Reynolds Graphics,
Inc. / Salt Lake City, Utah

 

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations.

 

	
  TEN COM 

  	
  - as tenants in common

  	
  UNIF GIFT MIN ACT - 

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
  - as tenants by the entireties

  	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  
	
  JT TEN 

  	
  - as joint tenants with right

  of survivorship and not as

  tenants in common

  	
   

  	
  under Uniform Gifts to Minors

  
	
   

  	
  Act

  	
   

  
	
   

  	
  (State)

  
							

 

Additional abbreviations may also be used
though not in the above list.

 

For Value Received,                                  hereby
sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

	
   

  
	
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
  INCLUDING ZIP CODE, OF ASSIGNEE)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  	
  Shares 

  
	
  of the capital stock represented by the within certificate, and do
  hereby irrevocably constitute and appoint

  
	
   

  	
   

  
	
   

  	
  Attorney 

  
	
   to
  transfer the said stock on the books of the within named Corporation with
  full power of substitution in the premises.

  
	
   

  	
   

  
	
  Dated

  	
   

  	
   

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
  NOTICE:
  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN
  UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR
  ENLARGEMENT OR ANY CHANGE WHATEVER

  
						

 

* NOTICE SIGNATURE GUARANTEED:

 

SIGNATURE(S) MUST BE GUARANTEED BY A FIRM WHICH IS A MEMBER OF A
REGISTERED NATIONAL STOCK EXCHANGE, OR BY A BANK (OTHER THAN A SAVINGS BANK),
OR A TRUST COMPANY. THE GUARANTEEING FIRM MUST BE A MEMBER OF THE MEDALLION GUARANTEE PROGRAM.

 

TRANSFER FEE WILL APPLY

 

*** FOR MEDALLION GUARANTEE
USE ONLY ***

 

*The shares represented by this certificate have not been registered
under the Securities Act of 1933, as amended. The shares have been acquired for
investment and may not be offered, sold or otherwise transferred in the absence
of an effective registration statement with respect to the shares or an
exemption from the registration requirements of said act that is then
applicable to the shares, as to which a prior opinion of counsel may be
required by the issuer or the transfer agent.*Exhibit 4.2

 

ADVANCED CELL TECHNOLOGY, INC.

WARRANT AGREEMENT

 

This
Warrant Agreement, dated as of
                                     
(the “Effective Date”), 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 $0.05 per share (subject to
adjustment as provided herein) (the “Exercise Price”), which have been issued
by the Company in exchange for the Holder’s                              
                            .

 

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 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 (1) certified check or bank draft of the
purchase price for such shares of the Common Stock or (2) an election to
exercise the Warrants on a cashless basis. 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 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

 

2

 

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

 

3

 

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. 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 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 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.

 

7. PIGGY-BACK REGISTRATION RIGHTS Subject to the exceptions specified in this
Section 7, in the event that the Company decides to file a registration
statement with

 

4

 

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 effsorts
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).

 

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 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, 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

 

5

 

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.

 

 

ADVANCED
CELL TECHNOLOGY, INC.,

a Delaware corporation

 

	
  By: 

  	
   

  	
   

  
	
  Michael D. West

  
	
  Its President

  

 

6

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