Document:

EX-4.7 Sixth Amendment

 

Exhibit 4.7

	 	 	 
	 

	 	As of August 16, 2007

LIGGETT GROUP LLC

100 MAPLE LLC

100 Maple Lane

Mebane, North Carolina 27302

Re: Amendment No. 6 to Financing Agreements

Ladies and Gentlemen:

     Reference is made to the financing arrangements between Wachovia Bank, National Association,
successor by merger to Congress Financial Corporation (“Lender”) and Liggett Group LLC, a Delaware
limited liability company, as successor to Liggett Group Inc. (“Borrower”), 100 Maple LLC, a
Delaware limited liability company (“Maple”) and Epic Holdings Inc., a Delaware corporation,
pursuant to the terms of the Amended and Restated Loan and Security Agreement, dated as of April
14, 2004 (as the same may now exists or may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced, the “Loan Agreement”). Capitalized terms used herein shall have the
meanings assigned thereto in the Loan Agreement, unless otherwise defined herein.

     Maple and Borrower have requested that Lender provide its consent to the transactions under
the New Notes Indenture (as defined below) and make certain amendments to the Loan Agreement in
connection therewith or related thereto, and Lender has agreed to the foregoing subject to the
terms hereof.

     In consideration of the mutual agreements and covenants contained herein and other good and
valuable consideration, the parties hereto agree as follows:

     1. Amendments to Definitions. Section 1 (Definitions) of the Loan Agreement is hereby amended
by:

     (a) adding the following definitions in the appropriate alphabetical order:

          (i) “Additional Permitted New Notes” means any and all notes issued under the New Notes
Indenture to the extent that the issuance of such notes does not cause Vector Group Ltd. to breach
the “Secured Leverage Ratio” covenant relating to the incurrence of indebtedness and descried in
the New Notes Indenture as in effect on August 16, 2007.”

          (ii) “New Notes” shall mean, collectively, (a) the 11% Senior Secured Notes due 2015
(including exchange notes), in the original principal amount of $165,000,000, and (b) any
Additional Permitted New Notes, issued by Vector Group, Ltd. pursuant to the New Notes Indenture,
as the same now exist or may hereafter be amended, modified, supplemented, extended,

 

 

renewed, restated, refinanced or replaced (to the extent not prohibited by this Agreement and
the New Notes Intercreditor Agreement).

          (iii) “New Notes Indenture” shall mean the Indenture dated as of August 16, 2007, by and among
Vector Group, Ltd., the subsidiary guarantors a party thereto and New Notes Trustee, as trustee,
with respect to the New Notes, as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated, refinanced or replaced (to the extent not prohibited by
this Agreement and the New Notes Intercreditor Agreement).

          (iv) “New Notes Intercreditor Agreement” shall mean the Intercreditor Agreement, dated of even
date herewith, executed by and among Lender, the New Notes Trustee, Borrower and Maple, as the same
now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.

          (v) “New Notes Trustee” shall mean U.S. Bank National Association, in its capacity as trustee
under the New Notes Indenture for the holders of the Class A Notes issued pursuant to, and as such
term is defined in, the New Notes Indenture and any successor, replacement or additional trustee
under the New Notes Indenture, and their respective successors and assigns.

     (b) Section 1.36 (“Excess Availability”) is hereby amended and restated in its entirety to
read as follows:

     “Excess Availability” shall mean the amount, as determined by Lender,
calculated at any time, equal to: (a) the lesser of (i) the amount of the
Loans available to Borrower as of such time as provided in Section 2.1 and
(ii) the Maximum Credit, MINUS (b) the sum of: (i) the amount of all then
outstanding and unpaid Obligations, PLUS (ii) the aggregate amount of all
trade payables owed to suppliers of Borrower which are more than sixty (60)
days past due as of such time.”

     2. Amendment to the Loan Agreement.

     (a) Section 5.1 of the Loan Agreement is hereby amended and restated in its entirety as
follows:

     “5.1 Grant of Security Interest.

     To secure payment and performance of all Obligations, Borrower hereby
grants to Lender, and confirms, reaffirms and restates its prior grant to
Lender of, a continuing security interest in, a lien upon, and a right of
set off against, and hereby assigns to Lender as security, all personal and
real property and fixtures and interests in property and fixtures of
Borrower, whether now owned or hereafter acquired or existing, and wherever
located (together with all other collateral security for the Obligations at
any time granted to or held or acquired by Lender, collectively, the
“Collateral”), including:

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     (a) all Accounts arising from the sale or other disposition of
Inventory;

     (b) all general intangibles, including, without limitation, all
Intellectual Property;

     (c) all Inventory;

     (d) all Equipment;

     (e) all chattel paper (including all tangible and electronic chattel
paper), in each case arising in connection with or related to, or
constituting identifiable proceeds of, any of the Accounts that constitute
Collateral, any Inventory or any of the other Collateral;

     (f) all instruments (including all promissory notes), in each case
arising in connection with or related to, or constituting identifiable
proceeds of, any of the Accounts that constitute Collateral, any Inventory
or any of the other Collateral;

     (g) all documents arising in connection with or related to, or
constituting identifiable proceeds of, any of the Accounts that constitute
Collateral, any Inventory or any of the other Collateral;

     (h) all deposit accounts;

     (i) all letters of credit, banker’s acceptances and similar instruments
and including all letter-of-credit rights, in each case arising in
connection with or related to, or constituting identifiable proceeds of, any
of the Accounts that constitute Collateral, any Inventory or any of the
other Collateral;

     (j) all supporting obligations and all present and future liens,
security interests, rights, remedies, title and interest in, to and in
respect of Receivables arising from the sale or other disposition of
Inventory or any of the other Collateral, including (i) rights and remedies
under or relating to guaranties, contracts of suretyship, letters of credit
and credit and other insurance related to the Collateral, (ii) rights of
stoppage in transit, replevin, repossession, reclamation and other rights
and remedies of an unpaid vendor, lienor or secured party, (iii) goods
described in invoices, documents, contracts or instruments with respect to,
or otherwise representing or evidencing, Receivables arising from the sale
or other disposition of Inventory or any of the other Collateral, including
returned, repossessed and reclaimed goods, and (iv) deposits by and property
of account debtors or other persons securing the obligations of account
debtors;

     (k) all (i) investment property (including securities, whether
certificated or uncertificated, securities accounts, security entitlements,

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commodity contracts or commodity accounts), in each case arising in
connection with or related to, or constituting identifiable proceeds of any
Collateral and (ii) monies, credit balances, deposits and other property of
Borrower now or hereafter held or received by or in transit to Lender or its
Affiliates or at any other depository or other institution from or for the
account of Borrower, whether for safekeeping, pledge, custody, transmission,
collection or otherwise (including, without limitation, any Cash Collateral
at any time held by Lender);

     (l) all commercial tort claims, including, without limitation, those
identified in the Information Certificate, in each case arising in
connection with or related to, or constituting identifiable proceeds of, any
of the Accounts that constitute Collateral, any Inventory or any of the
other Collateral;

     (m) to the extent not otherwise described above, all Receivables
arising from the sale or other disposition of Inventory or of any other
Collateral;

     (n) all Records; and

     (o) all products and proceeds of the foregoing, in any form, including
insurance proceeds and all claims against third parties for loss or damage
to or destruction of or other involuntary conversion of any kind or nature
of any or all of the other Collateral.

As used herein, “Collateral” shall not include (i) any of Borrower’s Real
Property other than the Mebane Premises, (ii) any of Borrower’s Equipment to
the extent any grant of a lien to Lender in such Equipment would be
precluded by or require a consent under the terms and conditions of any
purchase money or other financing of any such Equipment, whether now owned
or hereafter acquired, or (C) any proceeds of such assets and property that
are excluded from Collateral.”

     (b) Section 9.8 of the Loan Agreement is hereby amended by deleting the “.” after Section
9.8(i) and adding immediately thereafter a new Section 9.8(j) as follows:

“and (j) the security interests and liens in the Collateral granted to the
New Notes Trustee to secure Indebtedness under the New Notes and the New
Notes Indenture, which shall be subject to and in accordance with the New
Notes Intercreditor Agreement.”

     (c) Section 9.9 of the Loan Agreement is hereby amended by deleting the “.” after Section
9.9(f) and adding immediately thereafter a new Section 9.9(g) as follows:

“and (g) the guaranty by Borrower and Maple of the Indebtedness owing with
respect to the New Notes and the New Notes Indenture and any refinancing,

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refunding, extensions, renewals, issuances or replacements thereof to the
extent permitted by Section 9.17(n) hereof;”

     (d) Section 9.10 of the Loan Agreement is hereby amended by deleting the “and” after clause
(b) and the “.” after Section 9.10(c) and adding immediately thereafter a new Section 9.10(d) as
follows:

“and (d) the guaranty by Borrower and Maple of the Indebtedness owing with
respect to the New Notes and the New Notes Indenture and any refinancing,
refunding, extensions, renewals, issuances or replacements thereof to the
extent permitted by Section 9.17(n) hereof.”

     (e) Section 9.12 of the Loan Agreement is hereby amended by adding a new clause (d) prior to
the proviso as follows:

“and (d) the guaranty by Borrower and Maple of the Indebtedness owing with
respect to the New Notes and the New Notes Indenture and any refinancing,
refunding, extensions, renewals, issuances or replacements thereof to the
extent permitted by Section 9.17(n) hereof”

     (f) Section 9.17 of the Loan Agreement is hereby amended by deleting the “and” at the end of
clause (l) and replacing the period at the end of clause (m) with a semi-colon and adding a new
clause (n) as follows:

“and (n) the guaranty by Borrower and Maple of the Indebtedness owing with
respect to the New Notes and the New Notes Indenture and any refinancing,
refunding, extensions, renewals, issuances, replacements, amendments or
modifications thereof to the extent permitted by the New Notes Intercreditor
Agreement. Borrower shall furnish to Lender all notices or demands relating
to an event of default under or acceleration of the maturity of such
Indebtedness either received by Borrower or on its behalf, promptly after
the receipt thereof, or sent by Borrower or on its behalf, concurrently with
the sending thereof, as the case may be.”

     (g) Section 10.1 of the Loan Agreement is hereby amended by deleting the “.” after Section
10.1(q) and adding immediately thereafter a new Section 10.1(r) as follows:

“(r) a default occurring and continuing under the New Notes Indenture as a
result of the failure of the Borrower to pay any principal or interest on
the New Notes when due and the expiration of any cure period with respect to
such default and demand being made on the Borrower and Maple under their
respective guaranty of the New Notes and the expiration of ten Business Days
from the date of such demand.”

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     3. Conditions Precedent. The amendments and consents set forth in this Amendment, shall not
be effective until each of the following conditions precedent are satisfied in a manner
satisfactory to Agent:

     (a) the receipt by Lender of an original of this Amendment, duly authorized and executed by
Borrower and Maple;

     (b) the receipt by Lender of an original Trademark Security Agreement and Patent Security
Agreement, each in form and substance satisfactory to Lender, duly authorized and executed by
Borrower;

     (c) the transactions under the New Notes Indenture shall have been consummated and Lender and
the New Notes Trustee shall have entered into and executed the New Notes Intercreditor Agreement,
in form and substance satisfactory to Lender;

     (d) the receipt by Lender of the Amendment Fee payable under Section 5 below; and

     (e) no Event of Default shall exist or have occurred and no event or condition shall have
occurred or exist which notice or passage of time or both would constitute an Event of Default
(after giving effect to the amendments made and waivers granted by Agent pursuant to this
Amendment).

     4. Representations, Warranties and Covenants. In addition to the continuing representations,
warranties and covenants heretofore or hereafter made by Borrower and Maple to Lender pursuant to
the Financing Agreements, Borrower and Maple hereby represent, warrant and covenant with and to
Lender as follows (which representations, warranties and covenants are continuing and shall survive
the execution and delivery hereof and shall be incorporated into and made a part of the Financing
Agreements):

     (a) no Event of Default exists or has occurred and is continuing on the date hereof, after
giving effect to the terms of this Amendment and

     (b) this Amendment has been duly executed and delivered by Borrower and Maple and is in full
force and effect as of the date hereof, and the agreements and obligations of Borrower and Maple
contained herein constitute the legal, valid and binding obligations of Borrower and Maple
enforceable against Borrower and Maple in accordance with its terms.

     5. Amendment Fee. In consideration of Lender entering into this Amendment, Borrower and Maple
shall pay to Lender an amendment fee in the amount of $25,000, which fee shall be fully earned and
due and payable on the date hereof, and which may be charged by Lender to Borrower’s loan account
with Lender.

     6. Effect of this Amendment. Except as modified pursuant hereto, no other changes or
modifications to the Financing Arrangements are intended or implied and in all other respects the
Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto
as of the effective date hereof. To the extent of conflict between the terms of this Amendment and
the other Financing Agreements, the terms of this Amendment shall control. The Loan Agreement and
this Amendment shall be read and construed as one agreement.

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     7. No Waivers; Reservation of Rights. Except as otherwise provided herein, Agent has not
waived and has no intention of waiving any Events of Default which may be continuing on the date
hereof or any Events of Default which may occur after the date hereof. Agent hereby reserves all
its rights, in its sole discretion, to exercise any or all of Agent’s rights and remedies under the
Financing Agreements as a result of any existing Events of Default or any Events of Default which
may occur after the date hereof, and Agent has not waived any such rights or remedies, and nothing
in this Amendment, and no delay on Agent’s part in exercising any such rights or remedies, should
be construed as a waiver of any rights or remedies.

     8. Further Assurances. The parties hereto shall execute and deliver such additional documents
and take such additional action as may be necessary or desirable to effectuate the provisions and
purposes of this Amendment.

     9. Governing Law. The rights and obligations hereunder of each of the parties hereto shall be
governed by and interpreted and determined in accordance with the internal laws of the State of New
York (without giving effect to principles of conflict of laws).

     10. Binding Effect. This Amendment shall be binding upon and inure to the benefit of each of
the parties hereto and their respective successors and assigns.

     11. Counterparts. This Amendment may be executed in any number of counterparts, but all of
such counterparts shall together constitute but one and the same agreement. In making proof of
this Amendment, it shall not be necessary to produce or account for more than one counterpart
thereof signed by each of the parties hereto.

[Signature Page Follows]

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	 	 	 	 	 	 	Very truly yours,
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Marc Breier
	 

	 	 	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	Title:
	 	 Director
	 
	 	 	 	 	 	 	 	 
	AGREED AND ACCEPTED:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	LIGGETT GROUP LLC	 	 	 	 	 	 
	 
	By:

	 	/s/ Ronald J. Bernstein	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	Title

	 	Manager	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	100 MAPLE LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ronald J. Bernstein	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	Title:

	 	Manager	 	 	 	 	 	 

[Signature Page to 
Amendment No. 6]EX-10.13

 

Exhibit 10.13

CONSULTING AGREEMENT

     THIS AGREEMENT is made as of the July 23, 2007 by and between Athersys, Inc. and its
subsidiary Advanced Biotherapeutics, Inc., (hereafter collectively “the Company”), Delaware
corporations having their principal place of business at 3201 Carnegie Avenue, Cleveland, OH
44115-2634, and Dr. Kurt Brunden (hereafter “the Consultant”).

     WHEREAS, the Consultant possesses specialized expertise, professional knowledge, and
experience in the area of drug development and neurobiology;

     WHERAS, the Company desires to retain the Consultant to advise the Company with respect to
certain drug development and related activities undertaken by the Company, and the Consultant is
willing and desires to perform such services for the Company under the terms and conditions set
forth herein;

     NOW, THEREFORE, in consideration of entering a business relationship with the Company as well
as other good and valuable consideration, the receipt of which is hereby acknowledged, the
Consultant hereby agrees and acknowledges as follows:

	 	1.	 	Business Relationship. The Consultant’s business relationship with the
Company shall be that of an independent contractor, and not that of an employee or
agent of the Company.
	 
	 	2.	 	Responsibilities; Term.

	 	a)	 	Consultant will render services to Company on an as-needed basis
as determined mutually, with the expectation that the consultant will render
approximately two days of service per month on average.
	 
	 	b)	 	Term of consultancy is for three years beginning on August 1,
2007.
	 
	 	c)	 	This consultancy may be terminated at any time by the Consultant
or the Company with three months written notice.

	 	3.	 	Compensation. Company will pay to Consultant compensation as set forth
below:

	 	a)	 	The Company will pay the Consultant $30,000.00 for each year of
service, payable in quarterly installments (less any applicable taxes that
Athersys is required by law to withhold).

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	 	b)	 	Options previously granted to Dr. Brunden in accordance with the
board approved option grant made on June 8th, 2007 shall remain in
effect.
	 
	 	c)	 	If requested by the Company to travel, Consultant will present to
Company for reimbursement incidental travel expenses and other expenses directly
related to the rendering of services: provided, that Consultant will submit any
expenses in excess of $250.00 for prior approval.

	 	4.	 	Confidential Information.

	 	a)	 	The Company will provide to Consultant certain scientific,
technical, manufacturing, marketing, and financial information concerning the
research and development of product candidates, business affairs, methods of
operation, sources of supply and other confidential information. All such
information is referred to herein as Confidential Information. Company
considers its Confidential Information to be valuable, proprietary, secret and
confidential. Confidential Information shall only be used by the Consultant to
render services under this Agreement.
	 
	 	b)	 	Consultant will exercise due care to maintain all the
Confidential Information as secret and confidential and will not disclose
directly or indirectly to any third party, including any parent or affiliate or
subsidiary company, any such Confidential Information except when, after and to
the extent such Confidential Information:

	 	i)	 	Is or becomes generally available to the public
other than through the failure of Consultant to fulfill its respective
obligations hereunder;
	 
	 	ii)	 	Was already known to Consultant on a
non-confidential basis prior to disclosure;
	 
	 	iii)	 	Is subsequently disclosed to Consultant on a
non-confidential basis by a third party having no obligation of
confidentiality to the Company; or
	 
	 	iv)	 	The release of such Confidential Information is
expressly agreed to and authorized in writing by Company as the case may
be.

	 	c)	 	It is further understood that any of Consultant’s contractors,
employees or advisors, if any, who have access to the Company’s Confidential
Information are under a general obligation to maintain information of this type
in secrecy and confidence. Consultant shall obtain the Company’s written
consent prior to any disclosure to any third party. If Consultant provides the
Confidential Information to any contractor, employee or advisor, Consultant will be liable
for any failure by such person to use and treat such Confidential Information
in the same manner that Consultant is obligated to use and treat it under the
terms of this Agreement.

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	 	d)	 	Neither this Agreement nor the disclosure or revelation of
Confidential Information hereunder will constitute or be construed as granting
to Consultant, by implication or otherwise, any right, title or license under
any patent, patent application, trade secret or any other proprietary right to
which the Company now or hereafter has title, or as imposing on Consultant any
obligation, except as specified in this Agreement.

	 	5.	 	Proprietary Rights of Company and Assignment to Company.

	 	a)	 	The Consultant agrees that any and all inventions, discoveries,
improvements and works of authorship (hereafter “Inventions”) conceived or made
by the Consultant that relate to the Company’s technologies or the use of those
technologies for the development of additional products or technologies while
engaged by the Company shall be and hereby is the property of Company, whether
or not patentable or copyrightable, whether or not conceived or made by the
Consultant during working hours, and whether or not conceived or made by the
Consultant working alone or in conjunction with others, which:

	 	i)	 	relate to the existing or planned business,
research of development activities of the Company; or
	 
	 	ii)	 	are suggested by or result from the Consultant’s
work for the Company; or
	 
	 	iii)	 	result from the use of the Company’s time, money,
materials or facilities, and that all such Inventions will be the
exclusive property of the Company.

	 	b)	 	The Consultant hereby agrees to promptly disclose any and all
Inventions to Company and hereby assigns to the Company the entire right, title
and interest to all Inventions pursuant to this Agreement. The Consultant
agrees to execute all applications, assignments or other instruments, and to
give any testimony or evidence, at any time during or subsequent to engagement
by the Company, which the Company may require to apply for and obtain, or to
protect and defend, copyright registrations or letters patent in any country,
with the understanding that any expense will be paid by the Company and that the
Consultant will receive reasonable reimbursement for any assistance that the
Consultant may be required to render to the Company after termination of
Consultant’s relationship with the Company.

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	 	c)	 	The Consultant agrees that all inventions, discoveries and
improvements that relate to the Company’s products, technologies, or use of
these technologies for development of additional products and that are disclosed
to a third party or described in a patent application or copyright registration
application filed by the Consultant or in the Consultant’s behalf within one (1)
year following termination of engagement by the Company will be presumed to have
been conceived or made by the Consultant while engaged by the Company unless
proved to have been conceived and made by the Consultant following termination
of Consultant’s relationship with the Company.

	 	d)	 	The Consultant acknowledges that the Consultant may be engaged in
independent research or consulting activities that do not relate to the primary
business interest, research, or product development efforts of the Company;
provided, however, that the Consultant may not engage in consulting activities
involving or relating to 5HT2c agonists, H3 antagonists, multi- or pluripotent
non-embryonic stem cells, such as MultiStem/MAPC, or with or on behalf of direct
competitors to the Company without the prior written consent of the Company To
the extent that such research activities result in patentable inventions that do
not rely upon or benefit from knowledge or resources provided to the Consultant
by the Company, the Company claims no title to, or interest in, such inventions.

	 	6.	 	No Restrictions on the Consultant. The Consultant warrants and
represents that he is not subject to any consulting agreement, employment contract or
similar arrangement that would restrict his ability to enter into this Agreement or
perform the services required by the Company. The Consultant agrees not to disclose to
the Company, or use on its behalf, any confidential information or material that is the
property of a former employer or third party.
	 
	 	7.	 	Return of Company Materials. The Company has the right to terminate
this agreement for any reason, prior to the expiration of the Term. Upon such
termination, Consultant will immediately surrender to the Company all books, records,
samples, drawings, blueprints, manuals, reports, correspondence, computer software and
all other materials in the Consultant’s possession or control that in any manner
contain or relate to Confidential Information, as well as other property belonging to
the Company.
	 
	 	8.	 	Notification to Third Parties. Consultant acknowledges and agrees that
the Company may notify any future or prospective employer of the Consultant, or any
other appropriate third party, of the existence of this Agreement.
	 
	 	9.	 	Independent Enforceability. Each of the rights and remedies set forth
in this Agreement will be independent of the other, and will be in addition to, and not
in lieu of, any other rights and remedies available to the Company under the law or in
equity.

4

 

	 	10.	 	No Invalidity. If any covenant contained in this Agreement, or any
part thereof, is hereafter construed to be invalid or unenforceable, such invalidity or
unenforceability will not affect the remainder of the covenant or covenants of this
Agreement, all of which will be given full effect without regard to the invalid or
unenforceable portions.
	 
	 	11.	 	Rights and Remedies. If the Consultant commits or threatens to commit
a breach of any of the provisions of this Agreement, the Company will have the
following rights and remedies:

	 	a)	 	The right and remedy to have the provisions of this Agreement
specifically enforced by any court having equity jurisdiction, it being
acknowledged and agreed that if any such breach or threatened breach is
demonstrated to exist, then it will cause irreparable injury to the Company and
money damages will not provide an adequate remedy to the Company; and

	 	b)	 	The right and remedy to require the Consultant to account for and
pay over to the Company all compensation, profits, monies, accruals, increments
or other benefits (collectively Benefits) derived or received by the Consultant
as the result of any transactions constituting a breach of this Agreement and
the Consultant hereby agrees to account for and pay over such benefits to the
Company; and

	 	12.	 	Jurisdiction. All questions relating to the execution, interpretation
and performance of this Agreement will be governed by the laws of the State of Ohio,
and the parties consent to the Courts of Ohio having the sole jurisdiction of any and
all controversies that may arise under this Agreement.
	 
	 	13.	 	Entire Agreement and Assignment. This Agreement constitutes the entire
agreement between the parties concerning the subject matter hereof, superseding all
prior negotiations and discussions. No waiver, amendment or modification of any
provision of this Agreement will be effective unless in writing and signed by both
parties. The failure of the Company to insist in any one or more instances on strict
performance of any of the terms and conditions of this Agreement, or the failure to
exercise any right or remedy contained in this Agreement, or the waiver of any breach
of the terms and conditions of this Agreement, will not be considered as thereafter
waiving any such terms, conditions, rights or remedies, and the same will continue and
remain in full force and effect as if no waiver occurred. The Company may assign this
Agreement to a wholly-owned subsidiary with notice to Consultant of such assignment.
	 
	 	14.	 	The Consultant acknowledges receipt of a copy of this Agreement.

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     IN WITNESS WHEREOF, intending to be legally bound, the Company and the Consultant have
executed or caused this Agreement to be executed by their duly authorized representatives on the
date first written above.

	 	 	 	 	 	 	 
	ATHERSYS, INC.	 	CONSULTANT
	ADVANCED BIOTHERAPEUTICS, INC.

	 	 	 	 
	BY:

	 	/s/ William Lehmann
	 	BY:
	 	/s/ Kurt Brunden
	 

	 	 
	 	 	 	 
	 

	 	William (BJ) Lehmann
	 	 	 	Kurt Brunden
	 

	 	Title: President and CEO

	 	 	 	 
	Date: July 23, 2007	 	Date: July 23, 2007

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