Document:

Separation Agreement and Release

 Exhibit 10.1 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release (“Agreement”) is
made by and between Anthony Cataldo (“Contractor)”) and MultiCell Technologies, Inc. (“Company”) (collectively referred to as the “Parties”): 
 RECITALS 
 WHEREAS, Contractor provided services to the Company pursuant to a Director and Consulting
Agreement; 
 WHEREAS, Contractor signed a Director and Consulting Agreement (including a Proprietary Information and Inventions Agreement
attached thereto as Exhibit A) with the Company on or about January 29, 2005 (the “Consulting Agreement”); 
 WHEREAS, the
Company and Contractor have entered into a Stock Option Agreement dated January 27, 2005 granting Contractor the option to purchase shares of the Company’s common stock subject to the terms and conditions of the Company’s 2004 Equity
Incentive Plan and the Stock Option Agreement (the “Stock Agreements”); 
 WHEREAS, the Company issued a Warrant to Purchase Common
Stock dated August 1, 2005 pursuant to which the Contractor may purchase up to 2,000,000 shares of the Company’s common stock (the “Warrant”); 
 WHEREAS, Contractor’s relationship with the Company (including Contractor’s position as a member of the Board of Directors of the Company) was mutually terminated effective as of July
        , 2006 (the “Separation Date”); and 
 WHEREAS, the Parties wish to resolve
any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that the Contractor may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out
of, or in any way related to Contractor’s relationship with, or separation from, the Company. 
 NOW THEREFORE, in consideration of the
mutual promises made herein, the Company and Contractor hereby agree as follows: 
 1. Consideration. 
 a. Cash. 
 i. Consulting Fees. The Company agrees to pay Contractor a lump sum cash amount of Fifteen Thousand Dollars ($15,000.00) as payment for consulting for the month of June 2006. This payment will be made to Contractor on the Effective Date of
this Agreement. This payment will be reported on an IRS form 1099. 
 ii. Reimbursements. In addition, the Company agrees to
reimburse Contractor within three (3) business days of receipt by the Company, all expenses 

  

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properly incurred by Contractor on behalf of the Company through the Effective Date of this Agreement. 
 b. Stock Issuance. The Company shall issue to Contractor restricted shares of the Company’s common stock (the
“Shares”) as follows: 
  

				
	 Measurement Date
	  	Amount of Shares ($)
	 July 1, 2006
	  	$	45,000.00
	 October 1, 2006
	  	$	45,000.00
	 January 1, 2007
	  	$	45,000.00
	 April 1, 2007
	  	$	45,000.00
	 July 1, 2007
	  	$	45,000.00
	 October 1, 2007
	  	$	45,000.00
	 January 1, 2008
	  	$	15,000.00

 The number of shares of Common Stock to be issued to Contractor following each Measurement Date shall be
calculated as follows: 
  

			
		  	X/Y = Z
		
	X     =	  	Dollars worth of shares payable for the applicable Measurement Date.
		
	Y     =	  	The average closing price of the Company’s Common Stock as reported by Bloomberg Financial Markets for the 20 trading days immediately preceding the applicable Measurement Date (the
“Price”); provided, however, that in the event the Company fails to file the registration statement on Form SB-2 with the Securities and Exchange Commission as described below within 45 days of the closing of the Company’s
Series B financing, then, for each issuance of shares commencing with the October 1, 2006 Measurement Date issuance, “Y” shall equal the product obtained by multiplying (a) 0.8 by (b) the Price.
		
	Z     =	  	The number of shares of the Company’s Common Stock to be issued to Consultant.

 In addition, in the event the Company fails to file the registration statement on Form SB-2 with the
Securities and Exchange Commission within 45 days of the closing of the Company’s Series B financing, then the Company shall issue to Consultant, on the date of issuance of the shares for the October 1, 2006 Measurement Date, the number of
shares of Common Stock (the “Discount Shares”) calculated as follows: 
  

			
		  	 X/Y – M = Z

		
	 M     =
	  	Number of shares previously issued to Consultant for the July 1, 2006 Measurement Date.

  

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	X     =	  	Dollars worth of shares payable for the July 1, 2006 Measurement Date.
		
	Y     =	  	The product obtained by multiplying (a) 0.8 by (b) the average closing price of the Company’s Common Stock as reported by Bloomberg Financial Markets for the 20 trading days
immediately preceding the July 1, 2006 Measurement Date.
		
	Z     =	  	The number of Discount Shares to be issued to Consultant.

 The Discount Shares shall be issued in addition to the shares that Consultant would otherwise receive for
the October 1, 2006 Measurement Date. 
 Other than the issuance of Shares for the July 1, 2006 Measurement Date (the “July 2006 Shares”)
which shall be issued within 40 days of July 1, 2006, the Shares shall be issued by the Company to the Contractor within ten (10) business days following each Measurement Date. Each such payment will be reported on an IRS form 1099.

 All of the Shares of common stock issued to Consultant will be subject to Rule 144 of the Securities Act of 1933, as amended, and shall include a legend,
in substantially the form as follows: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO
REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. 
 In order to facilitate the issuance of such shares in compliance with securities laws, Contractor makes the
representations and warranties to the Company set forth on Exhibit A. The Company shall use best efforts to include the Shares in the Company’s registration statement on Form SB-2 to be filed with the Securities and Exchange
Commission in connection with the Company’s Series B financing for the registration of the shares issued and issuable therein. In order to facilitate the registration of the Shares, Contractor agrees to the provisions (including
indemnification) set forth on Exhibit B. Notwithstanding the foregoing, in the event the July 2006 Shares are issued prior to the Effective Date, then such July 2006 shares (i) shall be issued pursuant to the Company’s 2000
Employee Incentive Plan, and (ii) shall not include the legend set forth above. 
 c. Directors’ Fees. The
Company agrees to pay Contractor all director fees (in shares of Common Stock) due to Contractor, and not previously paid, for attendance at all board of director meetings up to the Effective Date of this Agreement in accordance with the normal
policies of the Company. This payment will be made to Contractor on the Effective Date of this Agreement. 
  

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 This payment will be reported on an IRS form 1099. 
 d. Vesting. The Parties agree that for purposes of determining the number of shares of the Company’s common stock that
Contractor is entitled to purchase from the Company, pursuant to the exercise of outstanding options, Contractor will be considered to have vested only up to the Separation Date. Contractor acknowledges that as of the Separation Date, he will have
vested in an aggregate of 23,611 options and no more. The exercise of Contractor’s vested options and shares shall continue to be governed by the terms and conditions of the Stock Agreements. 
 e. Warrant Amendment. The Parties agree to amend and restate the Warrant in substantially the form attached hereto as Exhibit
C, to provide, among other things, that (i) 1,000,000 of the shares shall become immediately fully vested and exercisable and (ii) the remaining 1,000,000 of the shares shall be cancelled and not exercisable by the Consultant.

 f. Press Release. The Parties agree that the Company shall issue a press release to the public concerning
Cataldo’s resignation in the form attached hereto as Exhibit D. 
 g. Termination. Other than as set
forth herein and the terms that survive termination, the Parties hereby mutually terminate the Consulting Agreement. 
 2. Compensation
Payments. Contractor acknowledges and represents that the Company has paid any and all compensation and any other amounts due to Contractor, once the payments in Paragraph 1 above have been made. 
 3. Release of Claims. Contractor agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to
Contractor by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations and assigns (the
“Releasees”). Contractor, on his own behalf, and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to
institute, prosecute or pursue, any claim, complaint, charge, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Contractor may possess against any of the
Releasees arising from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation, 
 a. any and all claims relating to or arising from Contractor’s relationship with the Company and the termination of that
relationship; 
 b. any and all claims relating to, or arising from, Contractor’s right to purchase, or actual purchase
of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;

 c. any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination;
harassment; retaliation; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; 

  

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promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional
interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; workers’ compensation and
disability benefits; 
 d. any and all claims for violation of any federal, state or municipal statute, including, but not
limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the
Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the California Family Rights Act; the
California Labor Code, except as prohibited by law; the California Workers’ Compensation Act; and the California Fair Employment and Housing Act; 
 e. any and all claims for violation of the federal, or any state, constitution; 
 f. any and
all claims arising out of any other laws and regulations relating to employment or employment discrimination; 
 g. any claim
for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Contractor as a result of this Agreement; and 
 h. any and all claims for attorneys’ fees and costs. 
 Contractor agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations
incurred under this Agreement. 
 4. Acknowledgment of Waiver of Claims under ADEA. Contractor acknowledges that he is waiving and
releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Contractor agrees that this waiver and release does not apply to any rights or
claims that may arise under the ADEA after the Effective Date of this Agreement. Contractor acknowledges that the consideration given for this waiver and release Agreement is in addition to anything of value to which Contractor was already entitled.
Contractor further acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days within which to consider this Agreement;
(c) he has seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this
Agreement prevents or precludes Contractor from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically
authorized by federal law. In the event Contractor signs this Agreement and returns it to the Company in less than the 21-day period identified above, Contractor hereby acknowledges that he has freely and voluntarily chosen to waive the time period
allotted for considering this Agreement. 
  

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 5. California Civil Code Section 1542. Contractor represents that he is not aware of any
claims against any of the Releasees. Contractor acknowledges that he has been advised to consult with legal counsel and is familiar with the provisions of California Civil Code Section 1542, which provides as follows: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Contractor, being aware of said code
section, agrees to expressly waive any rights he may have thereunder, as well as under any other statute or common law principles of similar effect. 
 6. No Pending or Future Lawsuits. Contractor represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other
Releasees. Contractor also represents that he does not intend to bring any claims on her own behalf or on behalf of any other person or entity against the Company or any of the other Releasees. The Company represents that it has no
lawsuits, claims, or actions pending in its name, or on behalf of any other person or entity, against Contractor. The Company also represents that it does not intend to bring any claims on its own behalf or on
behalf of any other person or entity against Contractor. 
 7. Application for Employment. Contractor understands and agrees that, as
a condition of this Agreement, Contractor shall not be entitled to any employment with the Company, and Contractor hereby waives any right, or alleged right, of employment with the Company. Contractor further agrees not to apply for employment with
the Company. 
 8. Confidentiality. Contractor agrees to maintain in complete confidence the existence of this Agreement, the contents
and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as “Separation Information”). Except as required by law, Contractor may disclose Separation Information only to his immediate
family members, the Court in any proceedings to enforce the terms of this Agreement, Contractor’s undersigned counsel, his accountant and any professional tax advisor to the extent that they need to know the Separation Information in order to
provide advice on tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third parties. Contractor agrees that he will not publicize, directly or indirectly, any Separation Information.

 9. Trade Secrets and Confidential Information/Company Property. Contractor reaffirms and agrees to observe and abide by the terms
of the Consulting Agreement, specifically including the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and proprietary information, and non-solicitation of Company employees. Contractor’s
signature below constitutes his certification under penalty of perjury that he has returned all documents and other items provided to Contractor by the Company, developed or obtained by Contractor as a result of his relationship with the Company, or
otherwise belonging to the Company. 
  

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 10. No Cooperation. Contractor agrees that he will not knowingly encourage, counsel, or assist any
attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so. Contractor
agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order. 
 11. Non-Disparagement. Contractor agrees to refrain from any disparagement, defamation, libel or slander of the Releasees, or tortious
interference with the contracts and relationships of any of the Releasees. 
 12. No Admission of Liability. Contractor understands
and acknowledges that this Agreement constitutes a compromise and settlement of any and all claims. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be: (a) an
admission of the truth or falsity of any potential claims; or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Contractor or to any third party. 
 13. Non-Solicitation. Contractor agrees that for a period of twelve (12) months immediately following the Effective Date of this Agreement,
Contractor shall not directly or indirectly solicit or recruit any of the Company’s employees to leave their employment at the Company. 
 14. Costs. The Parties shall each bear their own costs, attorneys’ fees and other fees incurred in connection with the preparation of this Agreement. 
 15. ARBITRATION. THE PARTIES AGREE THAT ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS AGREEMENT, THEIR INTERPRETATION, AND ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT TO ARBITRATION IN SANTA
CLARA COUNTY, BEFORE THE AMERICAN ARBITRATION ASSOCIATION UNDER ITS NATIONAL RULES FOR THE RESOLUTION OF COMMERCIAL DISPUTES AND CALIFORNIA LAW. THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES. THE DECISION OF THE ARBITRATOR
SHALL BE FINAL, CONCLUSIVE AND BINDING ON THE PARTIES TO THE ARBITRATION. THE PARTIES AGREE THAT THE PREVAILING PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO ITS ATTORNEY FEES. ALSO, THE PREVAILING PARTY SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY
COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. 
 16. Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company
and all who may claim through it to the terms and conditions of this Agreement. Contractor represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and
conditions of this Agreement. Each Party warrants and represents that there are no 

  

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liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 
 17. No Representations. Contractor represents that he has had an opportunity to consult with an attorney, and has carefully read and understands
the scope and effect of the provisions of this Agreement. Contractor has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement. 
 18. Severability. In the event that any provision or any portion of any provision hereof becomes or is declared by a court of competent
jurisdiction or arbitrator to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision or portion of provision. 
 19. Attorneys’ Fees. In the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing party shall be entitled to recover its costs and expenses,
including the costs of mediation, arbitration, litigation, court fees, plus reasonable attorneys’ fees, incurred in connection with such an action. 
 20. Entire Agreement. This Agreement, the Consulting Agreement, the Warrant and the Stock Agreements represent the entire agreement and understanding between the Company and Contractor concerning the subject
matter of this Agreement and Contractor’s relationship with and separation from the Company and the events leading thereto and associated therewith, and supersede and replace any and all prior agreements and understandings concerning the
subject matter of this Agreement and Contractor’s relationship with the Company. 
 21. No Oral Modification. This Agreement may
only be amended in a writing signed by Contractor and the Company’s Chief Executive Officer. 
 22. Governing Law. This Agreement
shall be governed by the laws of the State of California, without regard for choice-of-law provisions. 
 23. Effective Date. This
Agreement will become effective after it has been signed by both Parties and after seven days have passed since Contractor signed the Agreement (the “Effective Date”). Each party has seven days after that party signs the Agreement to
revoke it. 
 24. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile
shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 25. Assignment. The rights and obligations of the Consultant shall not inure to the benefit of any successors, heirs, executors or administrators. In the event of the Consultants death or permanent disability, any payments required
to be made to the Consultant hereunder shall terminate immediately. The Company may assign its rights and obligations hereunder to any successor entity or person. 
  

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 26. Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any
duress or undue influence on the part or behalf of the Parties hereto, with the full intent of releasing all claims. The Parties acknowledge that: 
  

	 	(a)	They have read this Agreement; 

  

	 	(b)	They have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or have elected not to retain legal counsel;

  

	 	(c)	They understand the terms and consequences of this Agreement and of the releases it contains; 

  

	 	(d)	They are fully aware of the legal and binding effect of this Agreement. 

 [Remainder of page intentionally left blank.] 
  

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 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.

  

									
	Dated:                     	 		 	MultiCell Technologies, Inc.
				
		 		 	By:	 	/s/ Stephen Chang
		 		 		 		 	Stephen Chang, Ph.D.
				
	Dated:                     	 		 		 	/s/ Anthony Cataldo
		 		 		 		 	Anthony Cataldo, an individual

  

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 Exhibit A 
 Investment Representation Statement 
 In connection with the Company’s issuance of shares of common stock to
Contractor, Contractor represents to the Company the following: 
 (a) He is aware of the Company’s business affairs and financial condition, and has
acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. 
 (b) He understands that the
Securities must be held indefinitely unless subsequently registered under the Securities Act of 1933, as amended (“Securities Act”) or unless an exemption from registration is otherwise available. In addition, he understands
that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of counsel for the Company. 
 (c) He is aware of the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted
securities” acquired directly or indirectly from the issuer thereof (or from an affiliate of such issuer) in a non-public offering subject to the satisfaction of certain conditions, including, in case he has held the securities less than two
years: (1) the resale occurring not less than one year after the party has purchased and paid for the securities to be sold; (2) the availability of certain public information about the Company; (3) the sale being made through a
broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934, as amended); and (4) the amount of securities being sold during
any three month period not exceeding the specified limitations stated therein. 
 (d) He further understands that at the time he wishes to sell the
Securities there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such event, he
would be precluded from selling the Securities under Rule 144 unless (1) a two year minimum holding period had been satisfied and (2) he was not at the time of the sale nor at any time during the three month period prior to such sale
an affiliate of the Company. 
 (e) He further understands that, in the event all of the applicable requirements of Rule 144 are not satisfied,
registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the Staff of the Securities and Exchange
Commission (the “SEC”) has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden of
proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 
  

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 Exhibit B 
 Amended and Restated Warrant to Purchase Common Stock 
  

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 Exhibit C 
 (a) The Company shall indemnify and hold harmless the Consultant and each underwriter, within the meaning of the Securities Act of 1933 (the “Securities Act”), who may purchase from or sell for the
Consultant, any Shares, from and against any and all losses, claims, damages and liabilities caused by any untrue statement of a material fact contained in the registration statement, any other registration statement filed by the Company under the
Securities Act with respect to the registration of the Shares, any post-effective amendment to such registration statements, or any prospectus included therein or caused by any omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission based upon information furnished or required to be furnished in writing to
the Company by the Consultant or underwriter expressly for use therein, which indemnification shall include each person, if any, who controls the Consultant or underwriter within the meaning of the Securities Act and each officer, director, employee
and agent of the Consultant and underwriter; provided, however, that the indemnification in this Section (a) with respect to any prospectus shall not inure to the benefit of any Consultant or underwriter (or to the benefit of any person
controlling the Consultant or underwriter) on account of any such loss, claim, damage or liability arising from the sale of Shares by such Consultant or underwriter, if a copy of a subsequent prospectus correcting the untrue statement or omission in
such earlier prospectus was provided to such Consultant or underwriter by the Company prior to the subject sale and the subsequent prospectus was not delivered or sent by such Consultant or underwriter to the purchaser prior to such sale and
provided further, that the Company shall not be obligated to so indemnify the Consultant or any such underwriter or other person referred to above unless such Consultant or underwriter or other person, as the case may be, shall at the same time
indemnify the Company, its directors, each officer signing the registration statement and each person, if any, who controls the Company within the meaning of the Securities Act, from and against any and all losses, claims, damages and liabilities
caused by any untrue statement of a material fact contained in the registration statement, any registration statement or any prospectus required to be filed or furnished by reason of this Agreement or caused by any omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, insofar as such losses, claims, damages or liabilities are caused by any untrue statement or omission based upon information furnished in writing
to the Company by such Consultant or underwriter expressly for use therein. 
 (b) The Consultant shall indemnify and hold harmless the
Company, from and against any and all losses, claims, damages and liabilities caused by any untrue statement of a material fact contained in the registration statement, any registration statement or any prospectus required to be filed or furnished
by reason of this Agreement or caused by any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, insofar as such losses, claims, damages or liabilities are caused by any
material untrue statement or material omission based upon information furnished in writing to the Company by the Consultant expressly for use therein. 
 (c) If for any reason the indemnification provided for in the preceding section is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage, liability
or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability
in such proportion as is appropriate 

  

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to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations. 
 (d) Promptly after receipt by an indemnified party under this Section of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so desires, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right
to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of
interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall
relieve such indemnifying party of liability to the indemnified party under this Section only to the extent the indemnifying party is prejudiced as a result thereof. 
 (e) Neither the filing of a registration statement by the Company pursuant to this Agreement nor the making of any request for prospectuses by the Consultant shall impose upon the Consultant any obligation to sell the
Shares. 
 (f) The Consultant, upon receipt of notice from the Company that an event has occurred which requires a post-effective amendment
to the Shares or a supplement to the prospectus included therein, shall promptly discontinue the sale of Shares until such the Consultant receives (or is deemed to have received under applicable securities laws) a copy of a supplemented or amended
prospectus from the Company, which the Company shall provide as soon as practicable after such notice. 
 (g) If the Company fails to keep
the registration statement referred to above continuously effective during the requisite period, then the Company shall, promptly upon the request of the Consultant, update the registration statement or file a new registration statement covering the
Shares remaining unsold, subject to the terms and provisions hereof, so that the registration of such unsold Shares is maintained for a number of days beyond the Expiration Date equal to the number of days that such Consultant is unable to sell
pursuant to Section (f) above. “Expiration Date” shall mean the earliest of the following dates (i) the date that all of the Shares have been sold, or (ii) the date that the Company receives an opinion of counsel to the
Company that all of the Shares may be freely traded without registration under the Securities Act, under Rule 144 promulgated under the Securities Act or otherwise. 
 (h) The Consultant agrees to provide the Company with any information or undertakings reasonably requested by the Company in order for the Company to include any appropriate information concerning such Consultant in
the registration statement or in order to promote compliance by the Company or such Consultant with the Securities Act. 
 (i) The
Consultant, by its acceptance of the Shares, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of a registration statement hereunder. 
  

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 Exhibit D 
 Press Release 
  

 Page 15Amended and Restated Warrant to Purchase Common Stock issued to Anthony Cataldo

 Exhibit 10.2 
 THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 MULTICELL TECHNOLOGIES, INC. 
 AMENDED AND RESTATED 
 WARRANT TO PURCHASE COMMON STOCK 
 July     , 2006 
 Void After July 31, 2010 
 RECITALS 
 1. MultiCell Technologies, Inc., a
Delaware corporation, with its principal office at 701 George Washington Highway, Lincoln, RI 02865 (the “Company”) issued to the Anthony J. Cataldo a Warrant to Purchase Common Stock on or about August 1, 2005 (the
“Original Warrant”). 
 2. Anthony Cataldo’s relationship with the Company was mutually terminated as of July
    , 2006. 
 3. In connection with such termination, the parties have agreed to amend and restate the Original
Warrant as set forth in this Amended and Restated Warrant to Purchase Stock (the “Warrant”). 
 This Warrant
Certifies That, for value received, Anthony J. Cataldo, or his assigns (the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below) from the Company up to 1,000,000 shares of Common
Stock of the Company (the “Common Stock”). 
 1. Definitions. As used herein, the following terms shall
have the following respective meanings: 
 (a) “Exercise Period” shall mean the period
commencing with the date hereof and ending on July 31, 2010. 
 (b) “Exercise Price” shall
mean $1.40 per share, subject to adjustment pursuant to Section 5 below. 
 (c) “Exercise
Shares” shall mean the shares of the Company’s Common Stock issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Sections 2 and 6
below. 

 (d) “Necessary Consents” shall mean approval, by both the
board of directors of the Company (the “Board”) and the stockholders of the Company, of an amendment to the Company’s Certificate of Incorporation (the “Amended Certificate”) to either
(i) increase the authorized number of shares of Common Stock of the Company to a number that is sufficient to cover the Exercise Shares (in addition to the outstanding shares of capital stock of the Company and agreements and instruments
exercisable for or convertible into capital stock of the Company) or (ii) effect a reverse split of the Company’s outstanding Common Stock which results in a number of authorized but unissued shares of Common Stock sufficient to cover the
Exercise Shares (in addition to the outstanding shares of capital stock of the Company and agreements and instruments exercisable for or convertible into capital stock of the Company). 
 2. Conditions to Exercise. 
 2.1 Time Based Exercisability. Subject to the terms of this Warrant, all of the one million (1,000,000) Exercise Shares shall be exercisable as of the date of issuance of this Amended and Restated
Warrant to Purchase Common Stock. 
 2.2 [Reserved]. 
 2.3 Not Exercisable Until Necessary Consents Obtained. Notwithstanding Sections 2.1 and 2.2 above, or any other
provisions of this Warrant, this Warrant will not be exercisable until the Company has received the Necessary Consents and filed the Amended Certificate with the Delaware Secretary of State. 
 3. Mechanics of Exercise. 
 3.1 Subject to the limitations on exercise set forth in Section 2 above, the rights exercisable under this Warrant may be exercised in whole or in part at any time during the Exercise Period, by delivery
of the following to the Company at its address set forth above (or at such other address as it may designate by notice in writing to the Holder): 
 (a) An executed Notice of Exercise in the form attached hereto; 
 (b) Payment
of the Exercise Price either (i) in cash or by check, or (ii) by cancellation of indebtedness; and 
 (c)
This Warrant. 
 Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so
purchased, registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so
exercised. 
 The person in whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant
shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that,
if the date of such 

  

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surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares
at the close of business on the next succeeding date on which the stock transfer books are open. 
 3.2 Net
Exercise. If the fair market value of one share of the Company’s Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to
receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise in which event
the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: 
  
  

							
		  		  	X =	  	Y (A-B)
		  		  	  	     A
			
	Where	  	X =	  	the number of shares of Common Stock to be issued to the Holder
			
		  	Y =	  	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of the
Warrant is being exercised, the portion of this Warrant being canceled (at the
date of such calculation)
			
		  	A =	  	the fair market value of one share of the Company’s Common Stock (at the date of such calculation)
			
		  	B =	  	Exercise Price (as adjusted to the date of such calculation)

 For purposes of the above calculation, the fair market value of one share of Common Stock shall be
equal to the closing sales price (or the closing bid if no sales were reported) for one share of Common Stock of the Company as quoted on the Over The Counter Bulletin Board (“OTB”), the American Stock Exchange, or such other
stock exchange as the Common Stock is then trading, on the last market trading day prior to the day of determination; if the Common Stock is not then trading on the OTB or other exchange, the fair market value shall be determined in good faith by
the Board. 
 4. Covenants of the Company. 
 4.1 Covenants as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. 
 4.2 Notices of Record Date. In the event of any taking by the Company of a record of the holders of any class of securities
for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend which is the same as cash dividends paid in previous quarters) or other distribution, the Company shall mail to the Holder, at
least ten (10) days prior to the date specified herein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution. 
  

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 5. Representations of Holder. 
 5.1 Acquisition of Warrant for Personal Account. The Holder represents and warrants that it is acquiring this Warrant and
the Exercise Shares solely for its account for investment and not with a view to or for sale or distribution of this Warrant or Exercise Shares or any part thereof. The Holder also represents that the entire legal and beneficial interests of this
Warrant and Exercise Shares the Holder is acquiring is being acquired for, and will be held for, Holder’s account only. 
 5.2 Securities Are Not Registered. 
 (a) The Holder understands that this Warrant and the
Exercise Shares have not been registered under the Securities Act of 1933, as amended (the “Act”) on the basis that no distribution or public offering of the stock of the Company is to be effected. The Holder realizes that
the basis for the exemption may not be present if, notwithstanding his representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or
otherwise), granting any participation in, or otherwise distributing the securities. The Holder has no such present intention. 
 (b) The Holder recognizes that this Warrant and the Exercise Shares must be held indefinitely unless they are subsequently registered under the Act or an exemption from such registration is available. The Holder recognizes that the
Company has no obligation to register this Warrant or the Exercise Shares of the Company, or to comply with any exemption from such registration. 
 (c) The Holder is aware that neither this Warrant nor the Exercise Shares may be sold pursuant to Rule 144 adopted under the Act unless certain conditions are met, including, among other things, the
existence of a public market for the shares, the availability of certain current public information about the Company, the resale following the required holding period under Rule 144 and the number of shares being sold during any three month
period not exceeding specified limitations. 
 5.3 Disposition of Warrant and Exercise Shares. 
 (a) The Holder further agrees not to make any disposition of all or any part of this Warrant or Exercise Shares in any event unless
and until: the Company shall have received a letter secured by the Holder from the Securities and Exchange Commission stating that no action will be recommended to the Commission with respect to the proposed disposition; there is then in effect a
registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said registration statement; or the Holder shall have notified the Company of the proposed disposition and shall have furnished
the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the
Company, for the Holder to the effect that such disposition will not require registration of this Warrant or Exercise Shares under the Act or any applicable state securities laws. 
  

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 (b) The Holder understands and agrees that all certificates evidencing the shares
to be issued to the Holder may bear a legend substantially as follows: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 6. Adjustment of Exercise Price. In the event of changes in the
outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and class of shares
available under this Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of this Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as the Holder
would have owned had this Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment; provided, however, that such adjustment shall not be made with respect to,
and this Warrant shall terminate if not exercised prior to, the events set forth in Section 8 below. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant. 
 7. Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the
exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then
current fair market value (determined in accordance with Section 3.2) of an Exercise Share by such fraction. 
 8.
Early Termination. In the event of, at any time during the Exercise Period, any capital reorganization, or any reclassification of the capital stock of the Company (other than a change in par value or from par value to no par value or no par
value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares), or the consolidation or merger of the Company with or into another corporation (other than a merger solely to effect a reincorporation of the
Company into another state), or the sale or other disposition of all or substantially all the properties and assets of the Company in its entirety to any other person, the Company shall provide to the Holder twenty (20) days advance written
notice of such event, and this Warrant shall terminate unless exercised prior to the date of such event. 
 9. Market
Stand-Off Agreement. Holder shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock (or other
securities) of the Company held by Holder, for a period of time specified by the managing underwriter(s) (not to exceed ninety (90) days) following the effective date of a registration statement of the Company filed under the 

  

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Act. Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the managing underwriter(s) which are
consistent with the foregoing or which are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such Common Stock (or other securities) until the end
of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 9 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

10. No Stockholder Rights. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company. 
 11. Transfer of Warrant. Subject to applicable laws and the restriction on transfer set
forth on the first page of this Warrant, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee
designated by Holder. The transferee shall sign an investment letter in form and substance satisfactory to the Company. 
 12.
Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 13. Notices, etc.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business
hours of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address listed on the signature page and to Holder at 100 Hardman Avenue, Napa, CA
94558, or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto. 
 14. Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein. 
 15. Governing Law. This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of the State of
California. 
  

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 In Witness Whereof, the Company has caused this Amended and Restated Warrant to Purchase Common
Stock to be executed by its duly authorized officer as of July     , 2006. 
  

			
	MultiCell Technologies, Inc.
		
	 By:
	 	 /s/ Stephen Chang

		 	 Stephen Chang

		 	 Chief Executive Officer

			
		
	 Address:
	 	   701 George Washington Highway

		 	   Lincoln, RI 02865

  
  
  

 -7- 

 NOTICE OF EXERCISE 
 TO: MultiCell Technologies, Inc. 
 (1) The undersigned hereby elects to purchase
             shares of Common Stock of MultiCell Technologies, Inc. (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2) Please issue a certificate or
certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below: 
 __________________________ 
 (Name) 
 __________________________ 
 __________________________ 
 (Address) 
 (3) The undersigned
represents that (i) the aforesaid shares of Common Stock are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no
present intention of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and
knowledgeable decision regarding its investment in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in financial and business matters that the undersigned is capable of
evaluating the merits and risks of this investment and protecting the undersigned’s own interests; (iv) the undersigned understands that the shares of Common Stock issuable upon exercise of this Warrant have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things, the bona fide nature of
the investment intent as expressed herein, and, because such securities have not been registered under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration
is available; (v) the undersigned is aware that the aforesaid shares of Common Stock may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for
the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current information to the public about the Company; and (vi) the undersigned agrees not to make any disposition of all or any
part of the aforesaid shares of Common Stock unless and until there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in 

 
accordance with said registration statement, or, if requested, the undersigned has provided the Company with an opinion of counsel satisfactory to the
Company, stating that such registration is not required. 
  

					
			
	   	 		 	   
	 (Date)
	 		 	 (Signature)

			
	 	 		 	   
		 		 	 (Print name)

  

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 ASSIGNMENT FORM 
 (To assign the foregoing Warrant execute this form and supply 
 required information. Do not use this form to
purchase shares.) 
 For Value Received, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  
  

	Name: 	___________________________________________________________________________________________________ 

 (Please Print) 
  

	Address: 	___________________________________________________________________________________________________ 

 (Please Print) 
 Dated:
                            , 20    
 Holder’s 

	Signature: 	__________________________________________________________________________________________________ 

 Holder’s 

	Address: 	___________________________________________________________________________________________________ 

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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