Document:

Exhibit 4.9

 

NON-QUALIFIED
STOCK OPTION AGREEMENT

 

Isolagen, Inc.,
a Delaware corporation (the “Company”), hereby grants to Pierre Comte
(the “Optionee”), a non-qualified stock option (the “Option”) to purchase a
total of 160,000 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 1, 2005 (the “Date
of Grant”).  The Option contained a
vesting provision that provided for the vesting of the Shares issued hereunder
in equal quarterly increments over two years from the date of grant.  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 $4.85 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 1, 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 60-day 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 60-day 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 60-day 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.

 

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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 Optionnee 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

 

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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.

 

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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 1, 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:

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Pierre Compte

  

 

5Exhibit 10.01

 

GUARANTEE

 

	
  February 7,
  2006

  

 

To induce Banc One Insurance Holdings, Inc.
(“BOIH”), CBD Holdings Ltd. (“CBD”
and together with BOIC, “Sellers”) and JPMorgan Chase &
Co. (“Parent”) to enter into the Stock Purchase
Agreement, dated as of February 7, 2006 (as it may after the date hereof
be amended, supplemented or otherwise modified from time to time, the “Agreement”),
with Protective Life Insurance Company (together with its permitted
assigns under the Agreement, “Buyer”), a wholly owned subsidiary of Protective Life
Corporation (“Guarantor”):

 

1.             Guarantor,
a corporation duly organized under the Laws of Delaware, hereby unconditionally,
irrevocably and absolutely guarantees to Sellers and Parent the due and
punctual performance and discharge of all of Buyer’s obligations under the
Agreement, the Ancillary Documents and the transactions contemplated thereby,
existing on the date hereof or hereafter of any kind or nature whatsoever, including
the due and punctual payment of the Closing Date Purchase Price and the Final
Adjustment Payment (collectively, the “Obligations”). This Guarantee is
a guarantee of timely payment and performance of the Obligations by Guarantor
as primary obligor and not merely of collection.

 

2.             Guarantor
hereby agrees that this Guarantee is a continuing guarantee and that the Obligations
shall be unconditional, irrespective of the validity, regularity or enforceability
of the obligations of Buyer, the absence of any action to enforce the same, any
waiver or consent by Sellers or Parent with respect to any provisions thereof,
the rendering of any judgment against Buyer or any action to enforce the same,
any circumstances which might otherwise constitute a legal or equitable discharge
or defense of a guarantor or surety or any other matter that would release a
guarantor. Sellers and Parent shall not be obligated to file any claim in the
event that Buyer becomes subject to a bankruptcy, insolvency, reorganization, rehabilitation
or other similar proceeding, and the failure by Sellers or Parent so to file
shall not affect the Obligations. Guarantor hereby waives diligence, presentment,
demand of payment (except as provided in paragraph (1)), any defense arising by
reason of disability, bankruptcy, insolvency or rehabilitation of Buyer, any
right to require a proceeding against Buyer, protest or notice with respect to
the obligations of Buyer or the amounts payable by Buyer hereunder and all
demands whatsoever, and covenants that this Guarantee shall not be discharged
except by complete payment of the obligations of Buyer. The grant of time or
other indulgence to Buyer shall in no manner release Guarantor from the Obligations.
This Guarantee shall continue to be effective or be reinstated, as the case may
be, if at any time any payment made by Buyer to Sellers or Parent is rescinded
or must otherwise be restored or returned by Sellers or Parent upon the insolvency,
bankruptcy or reorganization of Buyer, all as though such payment had not been
made.

 

 

3.             Guarantor
hereby represents and warrants that Guarantor is a corporation duly organized,
validly existing and in good standing under the Laws of Delaware and has the
requisite corporate power and authority
to own its assets and carry on its business as currently conducted; Guarantor
has the requisite corporate power and authority to enter into this Guarantee;
the execution and delivery by Guarantor of this Guarantee have been duly
authorized by all necessary corporate action on the part of Guarantor; this
Guarantee has been duly executed and delivered by Guarantor and constitutes a
valid and binding obligation of Guarantor, and is enforceable against Guarantor
in accordance with its terms, subject to (a) applicable bankruptcy,
insolvency or other similar Laws, now or hereafter in effect, affecting
creditors’ rights generally and (b) general equitable principles (regardless
of whether considered in a proceeding of law or in equity); neither the execution
and delivery of this Guarantee, nor the performance of the Obligations by
Guarantor, will, with or without the giving of notice or the lapse of time or both,
(x) violate any provision of the certificate of incorporation or bylaws (or comparable
organization documents, as applicable) of Guarantor, (y) violate any Law
applicable to Guarantor on the date hereof or (z) violate any material contract
to which Guarantor is a party, except in the case of clauses (x) and (y) to the
extent that any such violation would not reasonably be expected to prevent or materially
delay the performance of the Obligations by Guarantor; the execution and
delivery of this Guarantee by Guarantor does not, and the performance of the Obligations
by Guarantor will not, require any consent, approval, authorization or Permit
of, or filing with or notification to, any Governmental Entity.

 

4.             Payment
of amounts hereunder shall be made promptly on demand in writing to an account or accounts designated by
Sellers or Parent, as the case may be.

 

5.             This
Guarantee shall be binding on Guarantor and its successors, transferees and assigns.

 

6.             The remedies provided
in this Guarantee are cumulative and not exclusive of any remedies provided by
law.

 

7.             Guarantor
shall reimburse Sellers and Parent on demand for all costs, expenses and charges
(including without limitation fees and charges of legal counsel for Sellers and
Parent and costs allocated by their internal legal department) incurred by Sellers
and Parent in connection with the enforcement of this Guarantee. The obligations
of Guarantor under this
paragraph 7 shall survive the termination of this Guarantee.

 

8.             THIS
GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY
WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OR RULES OF CONFLICTS OF
LAWS OF SUCH STATE.

 

 

9.             Guarantor
agrees that irreparable damage would occur in the event that any of the provisions
of this Guarantee were not performed in accordance with their specific terms or
were otherwise breached. It is accordingly agreed that Sellers and Parent shall
be entitled to enforce specifically such terms and provisions in any court of the
United States or any state court which in either case is located in the City of
New York (any such federal or state court, a “New York Court”), in addition to any other remedy to
which they are entitled at law or in equity. In addition, Guarantor (a) consents
to submit itself to the personal jurisdiction of any New York Court in the
event any dispute arises out of this Guarantee and (b) agrees that it will
not attempt to deny or defeat such personal jurisdiction or venue by motion or
other request for leave from any such New York Court.

 

10.           This
Guarantee may be amended, superseded, cancelled, renewed or extended, and the
terms hereof may be waived, only by a written instrument signed by each of
Guarantor, Sellers and Parent or, in the case of a waiver, by the parties
waiving compliance. No delay on the part of Sellers or Buyer in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any Sellers or Parent of any right, power or
privilege, nor any single or partial exercise of any such right, power or
privilege, preclude any further exercise thereof or the exercise of any other
such right, power or privilege.

 

11.           Capitalized terms used
herein that are not otherwise defined herein are used as defined in the
Agreement.

 

 

	
   

  	
  PROTECTIVE LIFE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John D. Johns

  	
   

  
	
   

  	
   

  	
  Name:

  	
   John
  D. Johns

  
	
   

  	
   

  	
  Title:

  	
  Chairman, Chief Executive

  Officer and President

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