Document:

Exhibit
10.55

 

2006 Short-term
Incentive Plan Description

 

Under Mirant
Corporation’s short-term incentive plan, annual cash bonuses are awarded taking
into account an individual’s “target bonus percentage” (a percentage of such
participant’s base salary) and Mirant’s performance against established
business and financial goals. Each of Mirant’s named executive officers is a
participant in the short-term incentive program. For 2006, the Compensation
Committee of the Board of Directors established certain criteria upon which the
corporate payout factor in the 2006 fiscal year will be based. Two-thirds of
the corporate payout factor will be dependent on achievement of a range of
targeted Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA). The level of Adjusted EBITDA necessary to earn 50%, 100%
and 200% of the target percentage was set taking into consideration Mirant’s
projected Adjusted EBITDA under its 2006 operating plan. Bonus amounts between
the threshold and the target and between the target and maximum will be based
on interpolated performance levels between the specified levels. The remainder
will be dependent upon the achievement of other operational and strategic
metrics. The Compensation Committee will be responsible for assessing Mirant’s
achievement of such operational and strategic metrics.Exhibit
10.56

 

2006 Named
Executive Officer Base Compensation

and Short-Term
Incentive Targets

 

2006 Base Salary and Short-Term
Incentive Targets. The Compensation Committee approved base
salaries and short-term incentive targets for certain executive officers for
2006 as follows: Vance N. Booker, Senior Vice President, Administration -
$350,000 and 55% respectively, and James R. Harris, Senior Vice President and
Philippines Region Head - $275,000 and 50%, respectively. The base salaries and
short-term incentive targets of Mirant’s other executive officers are set forth
in their employment agreements and no changes have been made at this time.Exhibit 10.18

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”)
dated as of March 13, 2006 (the “Effective Date”), is by and between Isolagen,
Inc., a Delaware corporation (together with its subsidiaries, the “Company” or “Isolagen”),
and Susan Stranahan Ciallella, an individual residing in Kennett Square,
Pennsylvania (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Executive and the Company are parties to
an agreement dated April 26, 2005 providing for Executive to serve as the
Company’s General Counsel, Executive Vice President and Secretary (the “Original
Employment Agreement”); and

 

WHEREAS, the Company effective October 3, 2005
appointed Executive to serve as its Interim Chief Executive Officer; and

 

WHEREAS, the Parties desire to conform the desires to
amend the Original Employment Agreement to reflect Executive’s current
responsibilities and to extend the term through June 30, 2009;

 

NOW THEREFORE in consideration of the mutual benefits
to be derived from this Agreement, the Company and the Executive hereby agree
as follows:

 

1.             Term of
Employment; Office and Duties.

 

(a)           Commencing on
the date hereof (the “Employment Date”), and for an initial term ending June
30, 2009, the Company shall employ the Executive as a senior executive of the
Company with the title of President and Chief Executive Officer. As President
and Chief Executive Officer, Executive shall perform all duties and
responsibilities which are consistent with the positions and such additional
duties and responsibilities consistent with such positions as may from time to
time be assigned to the Executive by the Board of Directors. Executive agrees
to perform such duties and discharge such responsibilities in accordance with
the terms of this Agreement. This Agreement shall be automatically renewed for
an additional one (1) year term unless the Company notifies the Executive one
year prior to the expiration of the Agreement of the Company’s intention not to
renew the Agreement.

 

(b)           The Executive
shall devote substantially all of her working time to the business and affairs
of the Company other than during vacations of four weeks per year and periods
of illness or incapacity; provided, however, that nothing in this Agreement
shall preclude the Executive from devoting time required:  (i) for serving as a director or officer of
any organization or entity not in a competing business with the Company, and
any other businesses 

 

 

in which the Company becomes involved; (ii) delivering lectures,
writing articles or books, or fulfilling speaking engagements;  or (iii) engaging in charitable and community
activities provided that such activities do not interfere with the performance
of her duties hereunder.

 

(c)           The Board of
Directors shall nominate Executive for re-election to the Board of Directors as
her Board term matures during the Term of this Agreement.

 

2.             Compensation and
Benefits.

 

For
all services rendered by the Executive in any capacity during the period of
Executive’s employment by the Company, including without limitation, services
as an executive officer or member of any committee of the Board of Directors or
any subsidiary, affiliate or division thereof, from and after the Effective
Date, the Executive shall be compensated as follows:

 

(a)           Base Salary. The Company
shall pay the Executive a fixed salary (“Base Salary”) at a rate of Four
Hundred Eighty Thousand Dollars ($480,000) per year. The Board of Directors may
periodically review the Executive’s Base Salary and may determine to increase
(but not decrease) the Executive’s salary, in accordance with such policies as
the Company may hereafter adopt from time to time, if it deems appropriate. Base
Salary will be payable in accordance with the customary payroll practices of the
Company.

 

(b)           Bonus. Executive is
entitled to receive an annual bonus (the “Annual Bonus”), payable each year
subsequent to the issuance of final audited financial statements, but in no
case later than 120 days after the end of the Company’s most recently completed
fiscal year. The final determination on the amount of the Annual Bonus will be
made by the Compensation Committee of the Board of Directors, based primarily
on mutually agreed upon criteria, established with respect to the ensuing
fiscal year, within thirty (30) days of the end of each fiscal year. Criteria
for the Annual Bonus for 2005 (prorated) and 2006 (full year) shall be agreed
upon prior to or within thirty (30) days after the execution of this Agreement.
The Compensation Committee may also consider other more subjective factors in
making its determination. The targeted amount of the Annual Bonus shall be 70%
of the Executive’s base salary. The actual Annual Bonus for any given period
may be higher or lower than 70%. For any fiscal year in which Executive is
employed for less than the full year,  
Executive shall receive a bonus which is prorated based on the number of
full months in the year which are worked.

 

(c)           Fringe
Benefits, Option Grants and Miscellaneous Employment Matters.

 

(i)            The Executive
shall be entitled to participate in such disability, health and life insurance
and other fringe benefit plans or programs offered to all employees of the
Company, as well as to the key executive employees of Company, including a
Section 401(k) and retirement plan of the Company as may be established from
time to time by the Board of Directors, subject to the rules and regulations
applicable thereto. At the Executive’s option, in lieu of providing group
medical benefits, the Company will reimburse the Executive for health insurance
premium payments made pursuant to COBRA by the Executive under her existing
group medical coverage (currently $970 per month). Upon termination of
Executive’s group coverage under COBRA, she shall have the option of enrolling
in the Company’s group plan or 

 

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converting her prior coverage to an individual policy, at which time
the Company would reimburse her for an amount equal to its monthly cost of
covering Executive under its plan, and Executive would pay any additional
amounts necessary to provide individual coverage. In addition, the Executive
shall be entitled to the following benefits:

 

(ii)           Contemporaneous
with the execution of the Original Employment Agreement, the Executive was
granted a non-qualified stock option (the “Employment Option”) to purchase
300,000 shares of the Company’s Common Stock, par value $.001 per share (the “Common
Stock”) with an exercise price per share equal to the average closing transaction
price on the Effective Date of that Agreement, which is the date of the grant. Those
options have vested in full. The Company has also granted to Executive 80,000
restricted shares of Common Stock under the 2005 Equity Incentive Plan (“Restricted
Stock Grant”).

 

(iii)          The vesting of
the Restricted Stock Grant shall accelerate and vest immediately upon a change
in control of the Company as defined in Rule 405 of the Securities Act of 1933
or upon sale of substantially all of the assets of the Company or the merger,
consolidation or reorganization of the Company.

 

(d)           Withholding and
Employment Tax. Payment of all compensation hereunder shall be
subject to customary withholding tax and other employment taxes as may be
required with respect to compensation paid by an employer/corporation to an
employee.

 

(e)           Disability. The Company
shall provide the Executive with a policy of disability insurance benefits of
at least sixty percent (60%) of her gross Base Salary per month. To the extent
permitted by the Company’s existing disability policy, the Executive’s
disability policy will be a portable policy. The Executive agrees to pay for
any additional premium payments resulting from providing a portable policy (in
comparison to a group policy) and further agrees to have the additional premium
payments deducted from her pay. In the event of the Executive’s Disability (as
hereinafter defined), the Executive and her family shall continue to be covered
by all of the Company’s life, medical, health and dental plans, at the Company’s
expense, to the extent such benefits can be obtained at a reasonable cost, for
the lesser of the term of such Disability (as hereinafter defined) or eighteen
(18) months, in accordance with the terms of such plans.

 

(f)            Death. The Company
shall provide the Executive with a policy of term life insurance benefits in
the amount of at least One Million Dollars ($1,000,000). To the extent
permitted by the Company’s existing life insurance policy, the Executive’s life
insurance policy will be a portable policy. The Executive agrees to pay for any
additional premium payments resulting from providing a portable policy (in
comparison to a group policy) and further agrees to have the additional premium
payments deducted from her pay. In the event of the Executive’s death, the
Executive’s family shall continue to be covered by all of the Company’s
medical, health and dental plans, at the Company’s expense, to the extent such
benefits can be obtained at a reasonable cost, for eighteen (18) months
following the Executive’s death in accordance with the terms of such plans.

 

(g)           Vacation. Executive
shall receive four (4) weeks of vacation annually, administered in accordance
with the Company’s existing vacation policy.

 

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(h)           Malpractice
Insurance. The Company shall provide malpractice insurance in
an amount to be agreed upon by the parties, but in any event a commercially
reasonable amount consistent with the Company’s insurance practices generally.

 

3.             Business Expenses.

 

The
Company shall pay or reimburse all reasonable travel and entertainment expenses
incurred by the Executive in connection with the performance of her duties
under this Agreement travel to the Company’s various offices and facilities in
the United States and abroad, reimbursement for attending out-of-town meetings
of the Board of Directors, and such other travel as may be required or
appropriate in Executive’s discretion, consistent with duly approved Company
budgets, to fulfill the responsibilities of her office, all in accordance with
such policies and procedures as the Company may from time to time establish for
senior officers and as required to preserve any deductions for federal income
taxation purposes to which the Company may be entitled and subject to the
Company’s normal requirements with respect to reporting and documentation of
such expenses. The Company shall pay to Executive a non-accountable allowance
of one thousand eight hundred dollars ($1,800) per month for all expenses
incurred by the Executive for Executive’s automobile (including lease payments,
insurance, maintenance, and gasoline) and private club membership(s) and/or
dues. The Company shall also pay or reimburse Executive for all membership fees
and dues in appropriate professional associations and organizations utilized by
Executive in the course of her service for the Company including expenses of
bar membership and Continuing Legal Education, all costs of NACD
membership and director certification, as well as all expenses incurred by the Executive for
Executive’s cellular telephone and portable text messaging including monthly
service charges, equipment maintenance and all other ancillary charges
including, but not limited to, text messaging, paging, and wireless communications.

 

4.             Termination of
Employment.

 

Notwithstanding
any other provision of this Agreement, Executive’s employment with the Company
may be terminated upon written notice to the other party as follows:

 

(a)           By the Company,
in the event of the Executive’s death or Disability (as hereinafter defined) or
for Cause (as hereinafter defined). For purposes of this Agreement, “Cause”
shall mean either: (i) the indictment of, or the bringing of formal charges
against Executive on charges involving criminal fraud or embezzlement; (ii) the
conviction of Executive of a crime involving an act or acts of dishonesty,
fraud or moral turpitude by the Executive, which act or acts constitute a
felony; (iii) Executive knowingly having caused the Company to violate the
Company’s Bylaws which results in material adverse consequences to the Company
which is not cured or substantially cured to the satisfaction of the Board of
Directors of the Company in a reasonable time, which time shall be at least 30
days from receipt of written notice from the Company of such material
violation; (iv) Executive having committed acts or omissions constituting gross
negligence or willful misconduct with respect to the Company including with
respect to any valid contract to which the Company is a party; (v) Executive
having committed acts or omissions constituting a breach of Executive’s duty of
loyalty or fiduciary duty to the Company or any material act of dishonesty or
fraud with respect to the Company which are not cured or substantially cured to
the satisfaction of the Board of Directors of the Company in a 

 

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reasonable time, which time shall be at least 30 days from receipt of
written notice from the Company of such material breach; or (vi) Executive
having committed acts or omissions constituting a material breach of this
Agreement which are not cured or substantially cured to the satisfaction of the
Board of Directors of the Company in a reasonable time, which time shall be at
least 30 days from receipt of written notice from the Company setting forth
with specificity the particulars of any such material breach as well as the
corrective actions required. A determination that Cause exists as defined in
clauses (iv), (v), or (vi) (as to this Agreement) of the preceding sentence
shall be made by at least a majority of the members of the Board of Directors. For
purposes of this Agreement, “Disability” shall mean the inability of Executive,
in the reasonable judgment of a physician jointly appointed by the Executive
and Board of Directors, to perform, even with reasonable accommodation, her
duties of employment for the Company or any of its subsidiaries because of any
physical or mental disability or incapacity, where such disability shall exist
for an aggregate period of more than 120 days in any 365-day period or for any
period of 90 consecutive days. The Company shall by written notice to the
Executive specify the event relied upon for termination pursuant to this
Section 4(a), and Executive’s employment hereunder shall be deemed terminated
as of the date of such notice. In the event of any termination under this
Subsection 4(a), the Company shall pay all amounts then due to the Executive
under Section 2(a) of this Agreement for any portion of the payroll period
worked but for which payment had not yet been made up to the date of
termination, and, if such termination was for Cause, the Company shall have no
further obligations to Executive under this Agreement, and any and all options
granted hereunder shall terminate according to their terms. In the event of a
termination due to Executive’s Disability or death, the Company shall comply
with its obligations under Sections 2(e) and 2(f).

 

(b)           By the Company,
in the absence of Cause, for any reason and in its sole and absolute
discretion, provided that in such event the Company shall, as liquidated
damages or severance pay, or both, continue to pay to Executive the Base Salary
(at a monthly rate equal to the rate in effect immediately prior to such termination)
for the remaining term (the “Termination Payments”), when, as and if such
payments would have been made in the absence of Executive’s termination. The
Termination Payments shall be made regardless of Executive’s subsequent
re-employment as long as any new employment is not in violation of Sections 5
or 6 of this Agreement.

 

(c)           By the
Executive for “Good Reason,” (as the Executive shall reasonably determine in
good faith) which shall be deemed to exist: (i) if the Company’s Board of
Directors or that of any successor entity of the Company fails to appoint or
reappoint the Executive or removes the Executive from the title and/or office
of President of the Company or from any successor entity operating the Company
without her consent; (ii) if the Company’s Board of Directors or that of any
successor entity of the Company fails to renominate the Executive to serve on
the Board of Directors; (iii) if Executive is assigned any duties materially
inconsistent with the duties or responsibilities of the President of the
Company as contemplated by this Agreement or any other action by the Company
that results in a material diminution in such position, authority, duties, or
responsibilities, excluding an isolated, insubstantial, and inadvertent action
not taken in bad faith and which is remedied by the Company promptly after
receipt of notice thereof given by Executive (but not excluding changes
resulting from a sale of the Company, whether by merger, tender offer or
otherwise) provided that Executive shall act within 30 days of becoming aware
of any such diminution in the scope of her duties, 

 

5

 

responsibilities, authority or position; provided that the appointment
of a new Chief Executive Officer shall not constitute “Good Reason” under this
Agreement;  (iv) if the Company shall
breach or shall have continued to fail to comply with any material provision of
this Agreement after a 30-day period to cure (if such failure is curable)
following written notice to the Company of such non-compliance; (v) if the
Board of Directors requires Executive without her express written consent to
relocate to any area outside a thirty-five (35) mile radius of Kennett Square,
Pennsylvania, (vi) upon a change in control of the Company or within twelve
(12) months of any such change in control (for these purposes the term “change
in control” shall have the meaning set forth in Rule 405 of the Securities Act
of 1933), or within twelve (12) months of a sale of substantially all of the
assets of the Company or the merger, consolidation or reorganization of the
Company. In the event of any termination for “Good Reason” under this Section
4(c), the Company shall, as liquidated damages or severance pay, or both, pay
the Termination Payments, as defined in (b) of this Section 4, to Executive,
when, as and if such payments would have been made in the absence of Executive’s
termination.

 

(d)           During any
period in which Executive is obligated not to compete with the Company pursuant
to Section 5 hereof (unless Executive was terminated for Cause as defined
herein), Executive and her family shall continue to be covered by the Company’s
life, medical, health and death plans. Such coverage shall be at the Company’s
expense to the same extent as if Executive were still employed by the Company. In
the event of a termination pursuant to Sections 4(b) or 4(c), the Company shall
provide to Executive the pro-rata share of her annual bonus, to the extent one
is awarded by the Compensation Committee the consideration of which shall be
taken in good faith, giving a full month’s credit for any partial month worked
in that bonus year. Additionally, in the event of a termination pursuant to
Sections 4(b) or 4(c), the Company shall provide to Executive, at the Company’s
expense, outplacement services of a nature customarily provided to a senior
executive. Notwithstanding the foregoing, the obligations of the Company
pursuant to this Section 4(d) shall remain in effect no longer than the term of
the Termination Payments.

 

(e)           In the event
that any amounts payable and/or any benefits provided to the Executive under
the terms of this Agreement and/or under any other plan, agreement or
arrangement by which she is to receive payments or benefits in the nature of
compensation would constitute “excess parachute payments” as that term is
defined for purposes of Section 280G of the Internal Revenue Code of 1986, as
amended (“Code”) and Treasury Regulations promulgated pursuant thereto, then
the amounts payable under the terms of this Agreement and/or under any other
plan, agreement or arrangement shall be reduced so that no payments are deemed “excess
parachute payments.”  Any decisions
regarding this requirement or implementation of reductions shall be made by tax
counsel selected by the Company.

 

(f)            If any payment
to Executive under the terms of this Agreement is determined to constitute a
payment of nonqualified deferred compensation for purposes of Section 409A of
the Code, such payment shall be delayed until the date that is six months after
the date of Executive’s separation from service with the Company, so as to
comply with the special rule for certain “specified employees” set forth in
Code Section 409A(a)(2)(B)(i) unless it is determined that immediate
distribution is permissible (and does not trigger any additional tax liability
pursuant to Code Section 409A(a)(l)) pursuant to Code Section 409A(a)(2)(A)(v)
by 

 

6

 

reason of being payable in connection with a change in the ownership or
effective control of the Company or in the ownership of a substantial position
of the assets of the Company.

 

5.             Non-Competition.

 

During
the period of Executive’s employment hereunder and during the period, if any,
during which payments are required to be made to the Executive by the Company
pursuant to Sections 4(b) or 4(c), the Executive shall not, within any state or
foreign jurisdiction in which the Company or any subsidiary of the Company is
then providing services or products or marketing its services or products (or
engaged in active discussions to provide such services), or within a fifty (50)
mile radius of any such state, directly or indirectly own any interest in,
manage, control, participate in, consult with, render services for, or in any
manner engage in any business engaged in by the Company (unless the Board of
Directors shall have authorized such activity and the Company shall have
consented thereto in writing). The foregoing sentence shall not prevent
Executive from practicing in a law firm which represents a client which
performs business engaged in by the Company as long as Executive herself
provides no legal services, directly or indirectly to the client which performs
business engaged in by the Company. The term “business engaged in by the
Company” shall mean the development and commercialization of autologous
fibroblast system technology for application in, among other therapies,
dermatology, surgical and post-traumatic scarring, skin ulcers, cosmetic
surgery, periodontal disease,  reconstructive dentistry, vocal chord
injuries, urinary incontinence, and digestive and gastroenterological disorders
and other applications relating to the market for autologous fibroblast or UMC
cells and the five derivative cell lines: osteoblast, chondroblast, fibroblast,
adipocyte, and neuroectoderm. Investments in less than five percent of the
outstanding securities of any class of a corporation subject to the reporting
requirements of Section 13 or Section 15(d) of the Securities Exchange Act of
1934, as amended, shall not be prohibited by this Section 5. At the option of
Executive, Executive’s obligations under this Section 5 arising after the
termination of Executive shall be suspended during any period in which the
Company fails to pay to her Termination Payments required to be paid to her
pursuant to this Agreement. The provisions of this Section 5 are subject to the
provisions of Section 14 of this Agreement.

 

6.             Inventions and
Confidential Information.

 

The
parties hereto recognize that a major need of the Company is to preserve its
specialized knowledge, trade secrets, and confidential information. The
strength and good will of the Company is derived from the specialized
knowledge, trade secrets, and confidential information generated from experience
with the activities undertaken by the Company and its subsidiaries. The
disclosure of this information and knowledge to competitors would be beneficial
to them and detrimental to the Company, as would the disclosure of information
about the marketing practices, pricing practices, costs, profit margins, design
specifications, analytical techniques, and similar items of the Company and its
subsidiaries. The Executive acknowledges that the proprietary information,
observations and data obtained by her while employed by the Company concerning
the business or affairs of the Company are the property of the Company. By
reason of her being a senior executive of the Company, the Executive has or
will have access to, and has obtained or will obtain, specialized knowledge,
trade secrets and confidential information about the Company’s operations and
the operations of its subsidiaries, which operations extend throughout the
United States. For purposes of this Section 6, “Company” shall 

 

7

 

mean the Company and each of its controlled
subsidiaries. Therefore, subject to the provisions of Section 14 hereof, the
Executive hereby agrees as follows, recognizing that the Company is relying on
these agreements in entering into this Agreement:

 

(i)            The Executive
will not use, disclose to others, or publish or otherwise make available to any
other party any inventions or any confidential business information about the
affairs of the Company, including but not limited to confidential information
concerning the Company’s products. “Confidential Information” shall include
commercial or trade secrets about Company’s products, methods, engineering
designs and standards, analytical techniques, technical information, customer
information, employee information, or financial and business records, any of
which contains proprietary information created or acquired by the Company and
which information is held in confidence by Company. Confidential Information
does not include information which: (i) becomes generally available to the
public, unless said Confidential Information was disclosed in violation of a
confidentiality agreement; or (ii) becomes available to Executive on a
non-confidential basis from a source other than the Company or its agents,
provided that such source is not bound by a confidentiality agreement with the
Company.

 

(ii)           During the
period of Executive’s employment with the Company and for twelve (12) months
thereafter, (a) the Executive will not directly or indirectly through another
entity induce any employee of the Company to leave the Company’s employ (unless
the Board of Directors shall have authorized such employment and the Company
shall have consented thereto in writing) or in any way interfere with the
relationship between the Company and any employee thereof or (b) tortiously
interfere with the Company’s business relationship with any customer, supplier,
licensee, licensor or other business relation of the Company.

 

7.             Indemnification.

 

The
Company will indemnify (and advance the costs of defense of) and hold harmless
the Executive (and her legal representatives) to the fullest extent permitted
by the laws of the state in which the Company is incorporated, as in effect at
the time of the subject act or omission, or by the Certificate of Incorporation
and Bylaws of the Company, as in effect at such time or on the date of this
Agreement, whichever affords greater protection to the Executive, and the
Executive shall be entitled to the protection of any insurance policies the
Company may elect to maintain generally for the benefit of its executive
officers, against all judgments, damages, liabilities, costs, charges and
expenses whatsoever incurred or sustained by her or her legal representative in
connection with any action, suit or proceeding to which she (or her legal
representatives or other successors) may be made a party by reason of her being
or having been an officer of the Company or any of its subsidiaries except that
the Company shall have no obligation to indemnify Executive for liabilities
resulting from conduct of the Executive with respect to which a court of
competent jurisdiction has made a final determination that Executive committed
gross negligence or willful misconduct.

 

8.             Litigation
Expenses.

 

In the
event of any litigation or other proceeding between the Company and the
Executive with respect to the subject matter of this Agreement and the
enforcement of the rights 

 

8

 

hereunder, the losing party shall reimburse the
prevailing party for all of her/its reasonable costs and expenses relating to
such litigation or other proceeding, including, without limitation, her/its
reasonable attorneys’ fees and expenses.

 

9.             Consolidation;
Merger; Sale of Assets; Change of Control.

 

Nothing
in this Agreement shall preclude the Company from combining, consolidating or
merging with or into, transferring all or substantially all of its assets to,
or entering into a partnership or joint venture with, another corporation or other
entity, or effecting any other kind of corporate combination provided that the
corporation resulting from or surviving such combination, consolidation or
merger, or to which such assets are transferred, or such partnership or joint
venture assumes this Agreement and all obligations and undertakings of the
Company hereunder. Upon such a consolidation, merger, transfer of assets or
formation of such partnership or joint venture, this Agreement shall inure to
the benefit of, be assumed by, and be binding upon such resulting or surviving
transferee corporation or such partnership or joint venture, and the term “Company,”
as used in this Agreement, shall mean such corporation, partnership or joint
venture or other entity, and this Agreement shall continue in full force and
effect and shall entitle the Executive and her heirs, beneficiaries and
representatives to exactly the same compensation, benefits, perquisites,
payments and other rights as would have been their entitlement had such
combination, consolidation, merger, transfer of assets or formation of such
partnership or joint venture not occurred.

 

10.           Survival of
Obligations.

 

Sections
4, 5, 6, 7, 8, 9, 10, 11, 12 and 14 shall survive the termination for any
reason of this Agreement (whether such termination is by the Company, by the
Executive, upon the expiration of this Agreement or otherwise).

 

11.           Executive’s
Representations.

 

The
Executive hereby represents and warrants to the Company that to the best of her
knowledge: (i) the execution, delivery and performance of this Agreement by the
Executive do not and shall not conflict with, breach, violate or cause a
default under any contract, agreement, instrument, order, judgment or decree to
which the Executive is a party or by which she is bound, (ii) the Executive is
not a party to or bound by any employment agreement, non-compete agreement or
confidentiality agreement with any other person or entity and (iii) upon the
execution and delivery of this Agreement by the Company, this Agreement shall
be the valid and binding obligation of the Executive, enforceable in accordance
with its terms. The Executive hereby acknowledges and represents that she has
consulted with legal counsel regarding her rights and obligations under this
Agreement and that she fully understands the terms and conditions contained
herein.

 

12.           Company’s
Representations.

 

The
Company hereby represents and warrants to the Executive that (i) the execution,
delivery and performance of this Agreement by the Company do not and shall not
conflict with, 

 

9

 

breach, violate or cause a default under any contract,
agreement, instrument, order, judgment or decree to which the Company is a
party or by which it is bound; (ii) upon the execution and delivery of this
Agreement by the Executive, this Agreement shall be the valid and binding
obligation of the Company, enforceable in accordance with its terms; and (iii)
the Company’s representations made by the Board of Directors and members of
senior management prior to the execution of this Agreement regarding the
science, business or fiscal propriety of the Company are accurate in all
material respects

 

13.           Enforcement.

 

Because
the Executive’s services are unique and because the Executive has access to confidential
information concerning the Company, the parties hereto agree that money damages
would not be an adequate remedy for any breach of this Agreement. Therefore, in
the event of a material breach of this Agreement, the Company may, in addition
to other rights and remedies existing in its favor, apply to any court of
competent jurisdiction for specific performance and/or injunctive or other
relief in order to enforce, or prevent any violations of, the provisions hereof
(without posting a bond or other security).

 

14.           Severability.

 

In
case any one or more of the provisions or part of a provision contained in this
Agreement shall for any reason be held to be invalid, illegal or unenforceable
in any respect in any jurisdiction, such invalidity, illegality or
unenforceability shall be deemed not to affect any other jurisdiction or any
other provision or part of a provision of this Agreement, nor shall such
invalidity, illegality or unenforceability affect the validity, legality or
enforceability of this Agreement or any provision or provisions hereof in any
other jurisdiction; and this Agreement shall be reformed and construed in such
jurisdiction as if such provision or part of a provision held to be invalid or
illegal or unenforceable had never been contained herein and such provision or
part reformed so that it would be valid, legal and enforceable in such
jurisdiction to the maximum extent possible. In furtherance and not in
limitation of the foregoing, the Company and the Executive each intend that the
covenants contained in Sections 5 and 6 shall be deemed to be a series of
separate covenants, one for each and every state of the United States and any
foreign country set forth therein. If, in any judicial proceeding, a court
shall refuse to enforce any of such separate covenants, then such unenforceable
covenants shall be deemed eliminated from the provisions hereof for the purpose
of such proceedings to the extent necessary to permit the remaining separate
covenants to be enforced in such proceedings. If, in any judicial proceeding, a
court shall refuse to enforce any one or more of such separate covenants
because the total time, scope or area thereof is deemed to be excessive or
unreasonable, then it is the intent of the parties hereto that such covenants,
which would otherwise be unenforceable due to such excessive or unreasonable
period of time, scope or area, be enforced for such lesser period of time,
scope or area as shall be deemed reasonable and not excessive by such court.

 

15.           Entire Agreement;
Amendment.

 

Except
as otherwise set forth in this Agreement, this Agreement contains the entire
agreement between the Company and the Executive with respect to the subject
matter hereof and thereof. This Agreement may not be amended, waived, changed,
modified or discharged except 

 

10

 

by an instrument in writing executed by or on behalf
of the party against whom enforcement of any amendment, waiver, change,
modification or discharge is sought. No course of conduct or dealing shall be
construed to modify, amend or otherwise affect any of the provisions hereof.

 

16.           Notices.

 

All
notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given if physically delivered,
delivered by express mail or other expedited service or upon receipt if mailed,
postage prepaid, via registered mail, return receipt requested, addressed as
follows:

 

	
  (a)

  	
  To the Company:

  	
  (b)

  	
  To the Executive:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Isolagen

  	
   

  	
  Susan Stranahan Ciallella

  
	
   

  	
  405 Eagleview Blvd.

  	
   

  	
  107 Stonepine Drive

  
	
   

  	
  Exton, PA 19341

  	
   

  	
  Kennett Square, PA 19348

  

 

and/or to such other persons and addresses as any party shall have
specified in writing to the other.

 

17.           Assignability.

 

This
Agreement shall not be assignable by either party and shall be binding upon,
and shall inure to the benefit of, the heirs, executors, administrators, legal
representatives, successors and assigns of the parties. In the event that all
or substantially all of the business of the Company is sold or transferred,
then this Agreement shall be binding on the transferee of the business of the
Company whether or not this Agreement is expressly assigned to the transferee.

 

18.           Governing Law.

 

This
Agreement shall be governed by and construed under the laws of the Commonwealth
of Pennsylvania.

 

19.           Waiver and Further
Agreement.

 

Any
waiver of any breach of any terms or conditions of this Agreement shall not
operate as a waiver of any other breach of such terms or conditions or any
other term or condition, nor shall any failure to enforce any provision hereof
operate as a waiver of such provision or of any other provision hereof. Each of
the parties hereto agrees to execute all such further instruments and documents
and to take all such further action as the other party may reasonably require
in order to effectuate the terms and purposes of this Agreement.

 

11

 

20.           Headings of No
Effect.

 

The
paragraph headings contained in this Agreement are for reference purposes only
and shall not in any way affect the meaning or interpretation of this
Agreement.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as
of the date first above written.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  ISOLAGEN, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By  Ralph V. De Martino,

  
	
   

  	
    Chairman
  of the Compensation Committee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Susan Stranahan Ciallella

  
				

 

12

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