Document:

ex10_7.htm

AMARANTUS THERAPEUTICS, INC.

PROMISSORY NOTE

FOR VALUE RECEIVED, Amarantus Therapeutics, Inc., a Delaware corporation ("Company"), promises to pay to Neurotrophics, Inc. or its assignee ("Holder"), the Principal Amount (as defined in Section 2 below) plus accrued interest as set forth herein.

1.           Interest. This Note shall bear simple interest at the rate of two percent (2%) per annum based upon a 365-day year for the actual number of days elapsed. Interest shall commence with respect to any outstanding obligation hereunder upon the Company's receipt of a valid Payment Notice (as defined in Section 2 below) and shall continue on the applicable outstanding Principal Amount until paid in accordance with the provisions hereof.

2.           Cash Payment. Unless sooner paid, the entire Principal Amount and accrued interest thereon shall be payable by the Company on March 5, 2015 (the "Maturity Date"). Subject to Section 3, payment of principal and interest shall be made in lawful money of the United States of America and shall be credited first to the accrued interest then due and payable and the remainder applied to principal. For the purposes of this Note, the "Principal Amount" shall mean the total amount paid by Holder to the parties set forth on Exhibit A hereto (each a "Creditor"), such amount not to exceed an aggregate ofU.S.$222,083.20, and as evidenced by delivery to the Company of a Payment Notice. For the purposes of this Note, a "Payment Notice" shall mean a written statement, duly delivered to the Company, which includes and otherwise sets forth in reasonable detail (i) the cash amount paid by Holder to each Creditor, (ii) the date such payment was rendered, (iii) the manner of payment (e.g.; check or wire transfer), (iv) evidence that payment was rendered by Holder and the means by which Company can confirm payment, and (v) a written release of claims, duly executed by the applicable Creditor(s) identified in the Payment Notice, releasing Holder and Company from any and all claims of Creditor relating to Holder's obligations set forth on Exhibit A hereto. Following receipt of a Payment Notice from Holder, the Company shall have a period often (10) business days to dispute the contents of the Payment Notice. Failure to timely dispute the Payment Notice shall be construed as acceptance and the amounts set forth in the Payment Notice shall be deemed as a portion of the Principal Amount for purposes of this Note. The parties hereto agree to use their best efforts to resolve any disputes relating to a Payment Notice in a prompt and reasonable manner.

3.           Equity Option. The Company, in its sole discretion, may elect to pay any or all of the Principal Amount of this Note in the form of Company Common Stock and in lieu of cash, subject to compliance with applicable securities laws. The value of the shares to be issued pursuant to this Section 3 shall be the Fair Market Value of the shares as of the date of issuance. The "Fair Market Value" of each share shall be determined by the Company's Board of Directors in good faith; provided, however, that where there exists a public market for the Company's Common Stock at the time of such issuance, the Fair Market Value of the shares issued pursuant to this Section shall be the product of (a) the average of the closing bid and asked prices of the Common Stock quoted in the Over-The-Counter Market Summary or the last reported sale price of the Common Stock or the closing price quoted on the Nasdaq Global Market or on any exchange on which the Common Stock is listed, whichever is applicable, as published in the Wall Street Journal for the five (5) trading days prior to the date of determination of Fair Market Value and (b) the number of shares of Common Stock to be issued on the applicable date of the principal payment in accordance with this Section 3. The determination of Fair Market Value shall be calculated in United States Dollars.

  

  

  

4.           Assignment; Successors. Neither the Company nor Holder may assign, pledge or otherwise transfer this Note without the prior written consent of the other party, which consent will not be unreasonably withheld; provided, however, the Company may assign this Note to any entity which merges with or into the Company or otherwise acquires a majority of the Company's issued and outstanding capital stock. Subject to the foregoing, the rights and obligations of the Company and the Holder of this Note will be binding upon and inure to the benefit of the successors, assigns, heirs, administrators and transferees of the parties.

5.           Amendment or Waiver. None of the terms or provisions hereof may be waived, altered, modified or amended except pursuant to writing duly signed by Holder and Company.

6.           Waiver of Demand. Company hereby waives demand, presentment, protest, notice of dishonor, notice of nonpayment or further notice of any kind.

7.           Costs of Collection; Governing Law. In the event of any action to enforce payment of this Note, in addition to all other relief, Holder shall be entitled to reasonable attorneys' fees and costs to be fixed by the court. The validity, construction and performance of this Note will be governed by the laws of the State of California, excluding that body of law pertaining to conflict of laws. The Note constitutes the entire agreement among the parties concerning its subject matter.

IN WITNESS WHEREOF, the undersigned has executed this Note effective as of March 5, 2008.

Amarantus Therapeutics, Inc.,

a Delaware corporation

By: /s/ Martin P. Cleary

Name: Martin P. Cleary

Title: CEO

Agreed and Accepted:

Neurotrophics, Inc.

By:   /s/ John Commissiong

Name: John Commissiong

Title:   President

  

  

  

EXHIBIT A

NEUROTROPHICS CREDITOR LIST

	  	 	 	 	 	 	 	 	 	 	 	
FX Rate

	 	 	 
	  	 	
CDN$

	 	 	 	 	 	
CDN$

	 	 	
CDN$

	 	 	
Initial U$D

	  	 	
Amount

	 	 	
Repaid

	 	 	
Balance

	 	 	
3/5/08

	 	 	
Equivalent

	
United Bank Ltd.

	 	 	98,222.00	 	 	 	13,344.00	 	 	 	84,878.00	 	 	 	0.991100	 	 	$	84,122.59
	
PrescientNeuropharma

	 	 	45,000.00	 	 	 	 	 	 	 	45,000.00	 	 	 	0.991100	 	 	$	44,599.50
	
CIBC

	 	 	18,291.00	 	 	 	 	 	 	 	18,291.00	 	 	 	0.991100	 	 	$	18,128.21
	
Kurt Soost

	 	 	5,000.00	 	 	 	 	 	 	 	5,000.00	 	 	 	0.991100	 	 	$	4,955.50
	
Giselle Commissiong

	 	 	9,000.00	 	 	 	4,500.00	 	 	 	4,500.00	 	 	 	0.991100	 	 	$	4,459.95
	
Bertram Commissiong

	 	 	3,770.00	 	 	 	 	 	 	 	3,770.00	 	 	 	0.991100	 	 	$	3,736.45
	
Kenworth Hunte

	 	 	38,521.00	 	 	 	 	 	 	 	38,521.00	 	 	 	0.991100	 	 	$	38,178.16
	
Klaus Unsicker

	 	 	10,000.00	 	 	 	 	 	 	 	10,000.00	 	 	 	0.991100	 	 	$	9,911.00
	
Nanogen

	 	 	6,000.00	 	 	 	 	 	 	 	6,000.00	 	 	 	0.991100	 	 	$	5,946.60
	
McLean & Kerr LLP

	 	 	5,823.62	 	 	 	 	 	 	 	5,823.62	 	 	 	0.991100	 	 	$	5,771.79
	
Paliare Roland

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Barristers

	 	 	1,010.87	 	 	 	 	 	 	 	1,010.87	 	 	 	0.991100	 	 	$	1,001.87
	
Shameze Rampertab

	 	 	1,283.00	 	 	 	 	 	 	 	1,283.00	 	 	 	0.991100	 	 	$	1,271.58
	
Amount included in AP Trade

	 	$	241,921.49	 	 	$	17,844.00	 	 	$	224,077.49	 	 	 	 	 	 	$	222,083.20ex10_8.htm

INTELLECTUAL PROPERTY ASSIGIMENT

THIS INTELLECTUAL PROPERTY ASSIGNMENT (the "Agreement") is made between EMS Development Group LLC, a Maryland limited liability company ("Assignor") and CNS Protein Therapeutics, Inc., a Delaware corporation (the "Assignee"), effective as of March 5, 2008 (the "Effective Date").

WHEREAS, Assignor owns or controls all right, title and interest in and to certain intellectual property listed on Exhibit A hereto (collectively, the "Intellectual Property'');

WHEREAS, Assignor wishes to assign, and Assignee wishes to obtain, all right, title and interest in and to the Intellectual Property; and

NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

I.          Assignment. Assignor hereby irrevocably assigns and transfers to Assignee and its successors, legal representatives and assigns all of its right, title and interest in and to the Intellectual Property;

2.           Consideration. In exchange for Assignor's assignment of the Intellectual Property, Assignee shall pay to Assignor, the consideration described in Exhibit C, subject to certain contingencies described therein (the "Consideration").

3.           Assumption of Liabilities. Assignee hereby assumes the liabilities relating to the Intellectual Property described on Exhibit D.

4.           Representations and Warranties; Release. Assignor hereby represents and Warrants to the Assignee as follows:

(a)          Authority. Assignor has the right, power and authority to enter into this Agreement.

(b)          No Violations or Conflicts. Assignor is the sale owner of the Intellectual Property, and is eotitled to assign the Intellectual Property without the consent of any third party.

(c)          Non-Interference. Assignor does not own any intellectual property that would conflict with Assignee's ability to fully exploit the Intellecrual Property. Assignor has disclosed to Assignee all patents, know-how and materials necessary or reasonably useful for the exploitation of the Intellectual Property.

5.          Further Assurances of Assignor. On and after the Effective Date, Assignor will:

(a)          Affidavits in Support of Revival. Assignor will deliver to Assignee's counsel its affidavit, and will use its best efforts to procure and deliver to Assignee's counsel. the affidavits of (i) Peter Allard (00 behalf of Hyacinthe Services Limited), (ii) Gordon Keep or Geir Liland (on behalf of Prescient Neuropharma, Inc.) and (iii) Leanne Bate (as former director of Prescient

  

  

  

IN WITNESS WHEREOF, this Assignment of Patents is executed on March 5, 2008.

EMS Development Group,

a Maryland corporation

 

/s/ George Steinfels

George Steinfels, President

ATTEST:

By: ________________________

Title: ______________________

State of Maryland                                )

) ss.

County of Montgomery                      )

On this 5th day of March, 2008 before me the undersigned, a Notary Public in and for the County and State aforesaid, personally appeared George Steinfels who is personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature On such instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

                

Signature

 

My commission expires: Feb. 10, 2010

  

  

  

 

EXHIBIT A

 

Intellectual Property

 

The Intellectual Propeny shall consist of all of Assignor's right title and interest in and to the intellectual property rights relating to the protein molecule known as Mesencephalic Astrocyte­derived Neurotrophic Factor ("MAW), including without limitation (a) the patents and any inventions set fonh below (the "Patents"); (b) all rights to apply in any or all countries of the world for patents, certificates of in venti ODS or other governmental grants in such Patents; (c) any and all applications filed and any and all patents, certificates of inventions or other governmental grants granted on said Patents in the United States or any other country, including each and every application filed and each and every Patent granted on any applications which is a division, substitution or continuation of any of said applications; (d) each and every reissue or extension of any of such Patents; (e) each any every patent claim resulting from a reexamination certificate for any and all such Patents; and (f) any and all rights to sue for and recover damages for any past, present or future violation, misappropriation or infringement of the Patents (collectively, the "Intellectual Property).

	
Title

	
Jurisdiction

	
Application/Publication

Number

	
Dopaminergic Neuronal Survival-Promoting Factors and Uses Thereof

	
USA

	
10/102,265

	
Dopaminergic Neuronal Survival-Promoting Factors and Uses Thereof

	
Canada

	
2441740

	
Dopaminergic Neuronal Survival-Promoting Factors and Uses Thereof

	
Europe

	
EP 1373502 A2

	
Dopaminergic Neuronal Survival-Promoting Factors and Uses Thereof

	
Japan

	
JP2004528835TT

  

  

  

EXHIBIT B

 

ASSIGNMENT OF PATENTS

 

V,'HEREAS, EMS Development Group LLC, a Maryland limited liability company (hereinafter "Assignor") and CNS Protein Therapeutics, Inc., a Delaware corporation (hereinafter "Assignee") are parties to that certain Intellectual Property Assignment, effective as of March 5, 2008 (the "Agreement").

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, Assignor does hereby sell, assign and transfer and agrees to sell, assign and transfer unto Assignee or its designees, all of Assignor's right, title and interest in and to the patents and patent applications listed in Exhibit A to the Agreement of even date herewith (collectively, the "Patents") and any reissues and continuations thereof and in all counterparts of the foregoing Patents filed or issued in foreign countries, as to which Assignor agrees to furnish and to execute on a country-by-country basis specific assignments as requested by Assignee or any such designee.

Assignor covenants that it is the sole owner and holder of record title to the above-identified patent applications and any patents that issue thereon (and foreign counterparts thereto) and that it has full power to make the present assignment.

Assignor further sells, assigns, transfers and conveys unto Assignee the entire right, title and interest in and to any and all causes of action and rights or recovery for past infringement of the Patents herein assigned.

Assignor warrants unto the Assignee and further agrees that Assignor will, without demanding any further consideration therefor, at the request and at the expense of the Assignee, do all lawful and just acts including the execution and acknowledgment of instruments, that may be or became necessary for sustaining, obtaining continuations thereof, or reissuing said United States Patents and foreign counterparts and for maintaining and perfecting the Assignee's right to said Patents, particularly in cases of interference and litigation.

Assignor also hereby authorizes the Commissioner of Patents to issue any and all Patents that may be granted upon any of the patent applications herein referenced to Assignee, as the assignee to the entire interest therein.

 

  

  

  

EXHIBIT C

CONSIDERATION

The Consideration to be paid for the assignment of the Patents shall be as follows:

· 53,750.00 shall be paid by wire transfer upon closing of this transaction;

· An additional 520,000 shall be paid by wire transfer upon the closing of a financing generating aggregate gross proceeds for Assignee of at least S 1,250,000;

· If and only if, the Patent is revived in the United States, 550,000 shall be paid by wire transfer upon the closing of a financing generating aggregate gross proceeds for Assignee of at least 55,000,000; and

· If and only if, the Patent is revived in Europe, 520,000 shall be paid by wire transfer upon the closing of a financing generating aggregate net proceeds for Assignee of at least 56.000,000.

  

  

  

EXHlBIT D

ASSIGNED LIABILITIES

Assignee hereby agrees to pay:

· The reasonable, documented fees and expenses of Barnes & Thornberg LLP which are directly related to work performed by the firm in acquiring the Intellectual Property on November 30, 2007 and for subsequent work in reviving the patents and transitioning related documents to new counsel;

· Within seven (7) days of receipt from EMS of an itemized statement from Hyacinthe Services Limited ("Hyacinthe"), up to CDN$3,000 for the assistance of Hyaeinthe personnel during the revival prosecution of the Intellectual Property and related out of pocket expenses;

· Upon closing of this transaction, subject to receipt of a reasonably documented invoice therefore, expenses incurred by Assignor at the request of Assignee in the amount of $1,533.61;

· Such other reasonable and documented expenses of EMS or Hyacinthe as shall be mutually agreed upon in advance by the parties in writing.

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