Document:

Exhibit 10.2 Promissory Note

PROMISSORY NOTE
	
		
	Principal sum: $ 12,100,000
	Effective Date: March 30, 2015

            FOR VALUE RECEIVED, Cellular Dynamics International, Inc., a Wisconsin corporation ("Maker"), hereby promises to pay to the order of FUJIFILM Holdings America Corporation, a Delaware corporation ("Payee"), the principal amount of TWELVE MILLION ONE HUNDRED THOUSAND AND 00/100 DOLLARS ($12,100,000.00) or if less, the principal amount actually advanced by Payee to Maker on the Effective Date, on the earlier to occur of (i) the first annual anniversary of the date of execution and delivery of the “Merger Agreement” (as defined below) and (ii) the date of execution and delivery by the Maker of an “Acquisition Agreement” (as defined in the Merger Agreement) (such earlier date being hereinafter referred to as the “Maturity Date”).  “Merger Agreement” shall mean that certain Agreement and Plan of Merger dated as of the Effective Date among FUJIFILM Holdings Corporation, Badger Acquisition Corporation and Maker.
INTEREST.   The unpaid principal amount of this promissory note (this “Note”) shall bear interest at the rate of eight and one-half percent (8.50%) per annum beginning on the Effective Date and to but not including the Maturity Date.  The interest rate on this Note shall be increased to eleven and one-half percent (11.50%) per annum (the “Default Rate”) (i) so long as an “Event of Default” (as defined below) occurs and is continuing and has not been cured or waived and (ii) on and after the Maturity Date.  Accrued and unpaid interest on this Note shall be payable on the Maturity Date; provided that so long as an Event of Default occurs and is continuing and has not been cured or waived, accrued and unpaid interest on this Note shall be payable on demand (or, if applicable, immediately).  
            PAYMENTS; APPLICATION OF PAYMENTS.  All payments of principal and interest on this Note shall be made to Payee by wire transfer of immediately available funds to the following account: Bank: The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch; Account Number: #########; Account Name: [  ], or such other account as the holder of this Note shall notify Maker by written notice to Maker at the following address:  Cellular Dynamics International, Inc., 525 Science Drive, Madison, WI 53711, Attention:  Chief Financial Officer, Facsimile:  (608) 310-5101.  All payments received by the holder of this Note with respect to this Note shall be applied first to Expenses (as defined below) payable by Maker under this Note, second to accrued but unpaid interest, and next to the outstanding principal balance of this Note.
            PREPAYMENT.  The Maker shall have the right at any time and from time to time to prepay this Note in whole or in part without premium or penalty.
COVENANT.  Until the outstanding principal balance of this Note and all accrued and unpaid interest thereon are paid in full, Maker covenants to Payee that Maker shall not permit to exist any indebtedness for borrowed money other than (i) the indebtedness evidenced by this Note and (ii) indebtedness for borrowed money in an aggregate principal amount of not more than $5,000,000, which such indebtedness shall be subordinated to the payment and performance of this Note on terms and conditions reasonably satisfactory to Payee.
EVENTS OF DEFAULT; CONSEQUENCES OF AN EVENT OF DEFAULT.  Each of the following events shall constitute an Event of Default hereunder:  (i) a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official shall be appointed for Maker’s affairs or Maker shall consent to any such appointment; (ii) Maker shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or any such involuntary case shall commence, and not be dismissed within sixty (60) days or an order for relief therein shall be granted against Maker; (iii) Maker shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official for Maker or for any substantial part of Maker’s property, or make any general assignment for the benefit of creditors; (iv) the outstanding principal balance of this Note and all accrued and unpaid interest thereon shall not have been paid in full on the Maturity Date; (v) 

Maker shall fail to observe the “Covenant” set forth above; or (vi) Maker shall become bound to repay prior to its stated maturity any indebtedness for borrowed money (whether the same shall be enforced or not).  
If any Event of Default described in (i), (ii) or (iii) shall occur, all of the outstanding principal amount hereof (together with all accrued but unpaid interest thereon) shall become immediately due and payable, all without presentment, demand, protest or notice of any kind; and upon the occurrence and continuance of any other Event Default, the holder of the Note may declare all or any portion of the outstanding principal amount hereof (together with all accrued but unpaid interest thereon) due and payable and demand immediate payment thereof.          
MISCELLANEOUS.   
(a)    If payment hereunder becomes due and payable on a Saturday, Sunday, or legal holiday under the laws of the State of Wisconsin, the due date thereof shall be extended to the next succeeding business day, and interest shall be payable thereon during such extension at the rate specified above.  
(b)    Checks, drafts or similar items of payment received by the holder of this Note shall not constitute payment, but credit therefor shall, solely for the purpose of computing interest earned by the holder of this Note, be given on the date the same is honored by such holder’s depository bank and final settlement thereof is reflected by irrevocable credit to such holder’s account in such bank.  
(c)    In no contingency or event whatsoever shall interest charged hereunder, however such interest may be characterized or computed, exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto.  In the event that such a court determines that the holder of this Note has received interest hereunder in excess of the highest rate applicable hereto, the holder of this Note shall promptly refund such excess interest to Maker. 
(d)    Neither any delay or omission on part of the holder of this Note in exercising any right hereunder shall operate as a waiver of any such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion.  The rights and remedies of the holder of this Note shall be cumulative and may be pursued singly, successively, or together, in the sole discretion of the holder of this Note. 
(e)     Demand, presentment, protest and notice of nonpayment are hereby waived by Maker.
(f)    Whenever in this Note reference is made to Payee or Maker, such reference is made to include, as applicable, a reference to their respective successors and assigns.  Payee may assign this Note without the consent of Maker at any time, but Maker shall have no right to assign its obligations under this Note.  
(g)    Each of Maker and Payee irrevocably agrees that any legal action or proceeding arising out of or relating to this Note brought by Maker, Payee or its respective successors or assigns shall be brought and determined in the United States Federal District Court for the Western District of Wisconsin (and to the extent such court does not have jurisdiction, the state courts of the State of Wisconsin located in the county of Dane, Wisconsin), and each of Maker and Payee hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out of or relating to this Note.  Each of Maker and Payee agrees not to commence any action, suit or proceeding relating thereto except in the courts described above, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court described above.  Each of Maker and Payee further agrees that notice as provided herein shall constitute sufficient service of process, and the parties further waive any argument that such service is insufficient. Each of Maker and Payee hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Note, (i) any claim that it is not personally subject to the jurisdiction of the courts described above for any reason, (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) that (A) the suit, action or proceeding 

in any such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Note, or the subject matter hereof, may not be enforced in or by such courts.
(h)    Maker agrees to pay promptly on demand of Payee all costs, fees and expenses (including, without limitation, lawyers’ fees) incurred or expended by Payee in collecting any amounts under this Note or enforcing its rights hereunder (collectively, “Expenses”).
(i)    THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF WISCONSIN.
(j)    EACH OF MAKER AND PAYEE HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS NOTE AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
IN WITNESS WHEREOF, Maker has executed this Promissory Note effective as of the day and year first above written.
                                                 	
		
	Maker:   Cellular Dynamics International, Inc.

	By:
	/s/ Robert J. Palay

	Name:
	Robert J. Palay

	Title:
	Chairman and Chief Executive Officer

CONSENT OF PAYEE
PAYEE HAS REVIEWED THE FOREGOING PROMISSORY NOTE AND AGREES TO BE BOUND BY CLAUSES (G) AND (J) OF THE MISCELLANEOUS SECTION THEREOF.  

                                                 	
		
	FUJIFILM HOLDINGS AMERICA CORPORATION

	By:
	/s/ Shigeru Sano

	Name:
	Shigeru Sano

	Title:
	PresidentExhibit
10.1

 

SERVICES
AGREEMENT

 

THIS
SERVICES AGREEMENT (the "Agreement") is made and entered into as of the 23rd day of March, 2015 by and between Tumbleweed
Holdings, Inc., a corporation organized under the laws of Utah (the "Company"), and Barry Regenstein (the "Consultant").

 

 

1.         Appointment
of Consultant. The Company seeks to retain Consultant and Consultant accepts retention on the terms and conditions provided
in the Agreement as a consultant to the Company's business, including any subsidiaries or affiliates of the Company or any other
corporations hereafter formed or acquired by the Company to engage in any business (such entities, together with the Company,
are hereinafter collectively referred to as the “Company”).

 

2.         Board
of Directors Supervision. The activities of the Consultant to be performed under the Agreement shall be subject to the
supervision of the Chief Executive Officer of the Company and subject to policies adopted by the Board of Directors of the Company
(the “Board”) in effect from time to time.

 

3.         Scope
of Services to be rendered by Consultant. Subject to any limitations imposed by applicable law or regulations, during
the Term (as hereinafter defined) of the Agreement, the Consultant shall render such consulting and advisory services to the Company
as shall be reasonably requested by Management and the Board. The Consultant shall not have any authority to enter into any contracts
on behalf of the Company or any of its subsidiaries and affiliates. The Consultant shall perform services for (i) Company as Interim
Chief Financial Officer. Consultant shall have the normal duties, responsibilities and authority of a Chief Financial Officer
of a public company of comparable size, subject to the power of the Board of Directors (the “Board”) to expand
or limit such duties and responsibilities. The Consultant may perform services under the Agreement at such times and in such manner
as reasonably requested by the Board from time to time. During the Term of the Agreement, the Consultant will devote sufficient
commercial business time, energy and efforts to his obligations hereunder and to the affairs of the Company.

 

4.         Reimbursement
of Expenses; Independent Contractor. All reasonable expenses incurred by the Consultant in the performance of his duties
under the Agreement shall be for the account of, on behalf of, and at the expense of the Company, and shall be reimbursed within
thirty (30) days following a written request therefore, which request shall include reasonable supporting documentation; provided,
that any such expenses or series of related expenses in excess of $250 must have received the prior written approval of the Company.
The Consultant shall not be obligated to make any advance to or for the account of the Company or to pay any sums, except out
of funds held in accounts maintained by the Company, nor shall the Consultant be obligated to incur any liability or obligation
for the account of the Company without assurance that the necessary funds for the discharge of such liability or obligation will
be provided. The Consultant shall be an independent contractor, and nothing in the Agreement shall be deemed or construed (i)
to create a partnership or joint venture between the Company and the Consultant, (ii) to cause the Consultant to be responsible
in any way for the debts, liabilities or obligations of the Company or any other party or (iii) to constitute the Consultant
as an employee, officer or agent of the Company.

 

    	 

    	 

    

 

5.         Other
Activities of Consultant. The Company acknowledges and agrees that the Consultant shall not be required to devote his
full time and business efforts to the duties specified in the Agreement, but instead shall devote only so much of such time and
efforts as the Consultant and the Company reasonably deem necessary to fully perform his duties hereunder.

 

6.         Compensation
of Consultant. In consideration of this Agreement, the compensation will be in accordance with Exhibit A.

 

7.         Term.
The term of the Agreement (the “Term”) shall be for the period commencing on April 1, 2015 and concluding on March
31, 2016. Such Term shall be automatically renewable unless notice is received no later than ten (10) days prior to the conclusion
of a term.

 

8.         Termination.
Either the Company or the Consultant may terminate the Agreement in the event of the breach of any of the material terms or provisions
of the Agreement by the other party, which breach is not cured within ten (10) business days after written notice of such breach
is given to the party alleged to be in breach by the other party to the Agreement. Further, the Agreement may be terminated by
either party for any reason or for no reason upon thirty (30) days prior written notice provided by the party seeking to terminate
the Agreement to the other party hereto.

 

9.         Standard
of Care. The Consultant (including any person or entity acting for or on behalf of the Consultant) shall not be liable
for any mistakes of fact, errors of judgment, for losses sustained by the Company or for any acts or omissions of any kind (including
acts or omissions of the Consultant), unless caused by the gross negligence or intentional misconduct of the Consultant.

 

10.         Assignment.
The Consultant shall not assign, transfer or convey any of his rights, duties or interests under the Agreement, nor shall he delegate
any of the obligations or duties required to be kept or performed by him under the Agreement; provided, that the Consultant may
delegate certain minor administrative duties hereunder to third parties under his control. The Company may assign the Agreement
to any successor to all or substantially all of the business and/or assets of the Company, respectively or any subsidiary or affiliate
of the Company, subject to written consent by the Consultant which shall not be unreasonably withheld.

 

11.         
Code Section 83(b) Election. Consultant acknowledges that he has been informed and is aware of the following income
tax consequences resulting from the receipt and vesting of the Shares:

    	 

    	 

    

 

(a)        Consultant
will be taxed on the fair market value of the Shares as and when the restrictions lapse in accordance with the provisions of
the Agreement and any related agreement (such fair market value determined on such vesting dates), unless Consultant files an
election pursuant to Section 83(b) of the Code (and any similar state ax provisions if applicable). If such an election is
made, Consultant will be taxed currently on the full fair market value of the Shares on the Effective Date. Any such election
must be filed by Consultant with the Internal Revenue Service and, if necessary, the proper state taxing authorities, within
30 days of the receipt of the Shares. A form of Election under Section 83(b) is attached hereto. CONSULTANT
ACKNOWLEDGES THAT IT IS HIS SOLE RESPONSIBILITY AND NOT THE COMPANY’S (i) TO DETERMINE WHETHER OR NOT TO MAKE ANY
ELECTION UNDER SECTION 83(b) OF THE CODE, AND (ii) IF CONSULTANT DETERMINES TO MAKE ANY SUCH ELECTION, TO TIMELY FILE SUCH
ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF CONSULTANT ASKS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON
HIS BEHALF. Consultant must obtain its own counsel to determine whether Consultant is eligible to make an 83(b) election
and Consultant’s compliance with all tax reporting obligations relating to the Agreement, and the Company makes no
representations with regard to any reporting obligations of the Consultant including the filing of an 83(b) election or the
form attached hereto.

 

(b)        Consultant
shall notify the Company immediately in writing in the event Consultant makes an election under Section 83(b) of the Code (or
any successor provision) or corresponding provisions of state or local tax laws with respect to the Shares.

 

12.         Representations.The Consultant hereby represents and warrants to the Company that the execution, delivery and
performance of the Agreement by the Consultant does not conflict with, breach, violate or cause a default under (i) any agreement,
contract or instrument to which the Consultant is a party, including, but not limited to, any employment, consulting, noncompetition,
nonsolicitation, confidentiality or similar agreement or arrangement, or (ii) any judgment, order or decree to which the Consultant
is subject. The Consultant acknowledges and understands that the Company has relied on the foregoing representations in entering
into

the Agreement.

 

13.         Notices.
All notices, demands, consents, approvals and requests given by either party to the other parties hereunder shall be in writing
and shall be personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid, to such
parties at the following addresses:

 

	If
    to the Company:	Tumbleweed
                                         Holdings, Inc.

        720
        Fifth Avenue, 10th Floor

        New
        York, New York, 10019

        Attn:
        Gary Herman, President

 

	If
    to the Consultant:	Barry
                                         Regenstein

        14
        Cail Drive

        East
        Rockaway, NY 11518

         

14.          Severability.
If any term or provision of the Agreement or the application thereof to any person or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of the Agreement, or the application of such term or provision to persons or
circumstances other than those as to which it is held invalid or enforceable, shall not be affected thereby, and each term or
provision of the Agreement shall be valid and be enforced to the fullest extent permitted by law.

    	 

    	 

    

 

15.         No
Waiver. The failure by any party to exercise any right, remedy or elections herein contained or permitted by law shall
not constitute or be construed as a waiver or relinquishment for the future exercise of such right, remedy or election, but the
same shall continue and remain in full force and effect. All rights and remedies that any party may have at law, in equity or
otherwise upon breach of any term or condition of the Agreement, shall be distinct, separate and cumulative rights and remedies
and no one of them, whether exercised or not, shall be deemed to be in exclusion of any other right or remedy. 

 

16.
         Entire Agreement. The Agreement contains the entire agreement
between the parties hereto with respect to the matters herein contained and any agreement hereafter made shall be ineffective
to effect any change or modification, in whole or in part, unless such agreement is in writing and signed by the party against
whom enforcement of the change or modification is sought. 

 

17.         Governing
Laws. The Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States,
without reference to the laws of any other state or country.

 

18.         No
Third Party Beneficiaries. The Agreement is personal to the parties hereto, and no other party shall be entitled to rely
on the Agreement or shall be deemed to be a beneficiary hereof, without the express prior written consent of all of the parties
hereto.

 

19.         Confidentiality.
Except as required by law, each party hereto for itself and its officers, directors, shareholders and employees, undertakes
and warrants to receive and maintain all written information and all written materials received from the other party hereto during
the negotiation and duration of the existence of the Agreement (“confidential information”) in confidence,
and not to disclose to any party or make public or authorize the disclosure of any such confidential information, and not to use
such confidential information for any purpose(s) except in accordance with the Agreement, unless:

 

(a)        written
consent is obtained from the other party permitting disclosure or use of the specific confidential information for the purpose
(s) requested;

(b)        the
specific confidential information is now or hereafter disclosed in published papers or literature, provided that for purposes
of this clause (b), the availability of any such confidential information under the freedom of information laws of any state in
the United States or utilization of any such confidential information in response to a request for proposal, shall, in either
event, be deemed a disclosure;

 

(c)        the
disclosing party proves that the specific confidential information disclosed was in the possession of the disclosing party prior
to the commencement of negotiations leading to the Agreement;

 

(d)        the
specific confidential information is hereafter disclosed to the disclosing party by a third party having no obligation of confidentiality
with regard to this information; or

 

(e)        the
specific confidential information is independently generated through the disclosing party’s own research without any material
use and not as a material consequence of the disclosure by the other party. If negotiations with respect to the transactions contemplated
hereby are terminated, each party shall immediately return to the other any and all confidential information which was furnished
to it hereunder, without retaining any copy(ies) thereof and shall so certify in a letter delivered to the other party. This Section
18 shall survive the termination of the Agreement.

 

20.         Miscellaneous.No
provision of the Agreement may be modified, waived or discharged without the prior written consent of the Company and the Consultant.
No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or
provision of the Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. The Agreement represents the entire agreement and understanding between
the parties hereto with respect to the subject matter hereof and supersedes any and all other agreements, verbal or otherwise,
between the Parties hereto concerning such subject matter.

 

21.         Counterparts.
The Agreement may be executed in counterparts, each of which shall be deemed to be an original, and all of which together shall
be deemed to constitute one and the same instrument.

 

IN
WITNESS WHEREOF, the Parties hereto have caused the Agreement to be duly executed as of the date first above written.

 

	 	TUMBLEWEED HOLDINGS, INC.
	 	 
	 	By_________________________
	 	Gary Herman
	 	President and CEO
	 	 
	 	CONSULTANT
	 	 
	 	By____________________
	 	Barry Regenstein

 

 

    	 

    	 

    

 

Schedule
A

 

 

		1)	$5,000
                                         for the Form 10-K for the fiscal year ended June 30, 2015;

		2)	$2,500
                                         for each Form 10-Q for the periods ending March 31, 2015, September 30, 2015 and December
                                         31, 2015;

		3)	The
                                         Consultant will be available for all duties in the ordinary course as handled by an Interim
                                         Chief Financial Officer. In addition to the above, this may include preliminary
                                         review of financings and acquisitions, joint ventures and investments in other related
                                         businesses. In addition, there would be monthly review and approval of the Company’s
                                         books and records. 

		4)	Additional
                                         work beyond the above or which requires a significant investment of time will be performed
                                         in accordance with a supplemental budget approved in advance by the parties;

		5)	4,000,000
                                         restricted common shares of Tumbleweed Holdings, Inc.;

		6)	The
                                         restricted common shares shall vest equally on a monthly basis over the term of the Agreement.

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