Document:

Exhibit 10.1

COMMERCIAL PRODUCTS ADDENDUM

This Commercial Products Addendum (“Agreement”) is
made effective the 2nd day of May, 2007 (“Effective Date”), by and between
Wisconsin Alumni Research Foundation (hereinafter called “WARF”), a nonprofit
Wisconsin corporation, and
Advanced Cell Technology, Inc. (hereinafter called “Licensee”), a
Delaware corporation.

WHEREAS,   Licensee
and WiCell Research Institute, Inc. (“WiCell”), a subsidiary of WARF,
entered into Industry Research License and Materials Transfer Agreement No. 02-W108,
made effective March 1, 2002 (the “Research Agreement”), granting Licensee
the right under certain “Licensed Patents” to make, use and receive “Licensed
Materials” and “WiCell Materials” for “Internal Research Purposes”;

WHEREAS,   the
Research Agreement specifically precludes Licensee from making, having made,
using, selling, offering for sale, importing or otherwise transferring any “Products”
without first entering into a commercialization agreement with WARF or WiCell;

WHEREAS,   WARF
has also granted to Geron Corporation (“Geron”) an exclusive license under the
Licensed Patents to make, have made, develop, have developed, use sell, offer
for sale, and import “Therapeutic Products” and “Diagnostic Products” that use neural cells, cardiomyocytes, or
pancreatic islet cells, or their precursors, developed from and/or
incorporating the Licensed Materials or derivatives of the Licensed Materials,
which may prohibit WARF from granting Licensee any rights outside those granted
in this Agreement; and

WHEREAS,   Licensee
now desires to obtain a license under the Licensed Patents and Licensed
Materials to make, have made, use, sell, offer for sale, have sold,  import or otherwise transfer certain Licensed
Products for commercial purposes, and WARF is willing to grant such a license
under the terms and conditions set forth below.

NOW,
THEREFORE,   in
consideration of the mutual covenants and agreements set forth below, the
parties covenant and agree as follows:

Section 1.   Effect of the Research Agreement;
Definitions.

A.    WARF and
Licensee acknowledge and agree that the terms and conditions of this Agreement
supplement and amend the terms and conditions of the Research Agreement as it
relates to the commercialization of Licensed Products. Except as provided
herein, all terms and conditions of the Research Agreement shall remain in
effect and are hereby incorporated in this Agreement by reference. In the event
that this Agreement and the Research Agreement are inconsistent, the terms and
provisions of this Agreement shall supersede the terms and provisions of the
Research Agreement, but only with respect to the sale or distribution of
Licensed Products as authorized under this Agreement. Capitalized terms used
but not defined in this Agreement shall have the meanings ascribed to such
terms in the Research Agreement.

B.     “Date of
First Commercial Sale” shall mean the date when cumulative sales to the retail
market of Licensed Products exceeds Five Hundred Thousand Dollars ($500,000).

C.     “Development
Report” shall mean a written account of Licensee’s progress under the
development plan having at least the information specified on Appendix B to
this Agreement.

D.    “Licensed
Products” shall mean Therapeutic Products, Diagnostic Products, and Research
Products except for Therapeutic Products and Diagnostic Products that use
neural cells, cardiomyocytes, or pancreatic islet cells, or their precursors,
developed from and/or incorporating Licensed Materials, WiCell Materials or
their derivatives.

 1
 

E.     “Net
Selling Price” shall mean, in the case of Licensed Products that are sold or
leased, the invoice price to the end user of Licensed Products (regardless of
uncollectible accounts) less any shipping costs, allowances because of returned
Licensed Products, or sales taxes. The “Net Selling Price” for a Licensed
Product that is transferred to a third party for promotional purposes without
charge or at a discount shall be the average invoice price to the end user of
that type of Licensed Product during the applicable calendar quarter. Non-monetary
consideration may not be accepted by Licensee for
any Licensed Product without the prior written consent of WARF, such consent
not to be unreasonably withheld if the parties agree on the value of such
consideration.

F.     “Development
Partner” shall mean a person or organization with which Licensee enters into a
specific written collaborative agreement for research and development,
manufacturing, marketing, or other activities necessary for the
commercialization of Licensed Products.

G.    “Contract
Service Provider” shall mean a third party person or organization with which
Licensee enters into a written contract for the provision of specific services
(e.g., testing, contract manufacturing, distribution, etc. to Licensee) in
support of Licensee’s sale or distribution of Licensed Products.

H.    “Collaborator”
shall mean a person or organization with which Licensee enters into a written
agreement for a specific project or projects to be directed by Licensee
involving research on and/or development of Licensed Products.

Section 2.   Grant.

A.   License.

WARF hereby grants Licensee a worldwide, nonexclusive
license under the Licensed Patents to make, have made, use, sell, and have sold
Licensed Products, with the right to grant sublicenses to the extent provided
in Section 2B of this Agreement.

B.   Sublicenses.

(i)    WiCell
hereby grants Licensee the right to transfer, as applicable, Licensed Materials
and Derivative Materials to Collaborators, Development Partners and Contract
Service Providers, and to receive and use Licensed Materials, Derivative
Materials and/or Information from its Collaborators, Development Partners and
Contract Service Providers, in each case only to conduct research to develop
and commercialize Licensed Products on behalf of Licensee. Licensee may grant
only written sublicenses only to Collaborators, Development Partners and
Contract Service Providers as follows:

(a)    Such a
sublicense may be granted, in the case of a Collaborator, to enable the
Collaborator to engage in a project of collaborative research with Licensee on
Licensed Materials and Derivative Materials and/or the development of Licensed
Products. Such a sublicense may include a license to make or use the Licensed
Materials, Derivative Materials, or Licensed Products solely for the purpose of
the project, but not to sell or transfer any of them to any party other than to
Licensee.

(b)   Such a
sublicense may be granted, in the case of a Contract Service Provider, to
enable the Contract Service Provider to perform specific services in support of
Licensee’s sale or distribution of Licensed Products (e.g. testing, contract
manufacturing, distribution), under a written contract with Licensee, at
Licensee’s expense, and pursuant to protocols or specifications developed by
Licensee. Such a sublicense may include a license to make or use the Licensed
Materials and Derivative Materials solely for the purpose of providing such
services, or to sell Licensed Products as Licensee’s agent, but not to sell or
transfer any of them for any other purpose.

 2
 

(c)    Such a
sublicense may be granted, in the case of a Development Partner, to enable the
Development Partner to collaboratively research, develop, manufacture, market,
or perform other activities necessary for the commercialization of Licensed
Products with Licensee, pursuant to a collaborative agreement. Such a
sublicense may include a license to make or use the Licensed Materials,
Derivative Materials, or Licensed Products, and to make, have made, use, sell,
offer for sale or import Licensed Products, on Licensee’s behalf.

(ii)   Unless
otherwise agreed to in writing by WiCell, any sublicense agreement entered into
under this Section 2B shall terminate upon the termination of this
Agreement, and each sublicense shall so state. Licensee shall require that its
sublicensee(s) comply with all relevant requirements of this Agreement and
the Research Agreement (including without limitation restrictions on the right
to use and transfer Licensed Materials) and Licensee shall have the same
responsibility for the activities of any sublicensee as if the activities were
directly those of Licensee. Licensee shall provide to WARF, in confidence, a
summary of any sublicense agreement with a Collaborator, Development Partner or
a Contract Service Provider, under this Section 2B within thirty (30) days
after execution of such sublicense agreement.

(iii)  In respect
to sublicenses granted by Licensee to a Development Partner or Contract Service
Provider under this Section 2B, Licensee shall pay to WARF an amount equal
to what Licensee would have been required to pay to WARF had Licensee sold the
amount of Licensed Products sold by such sublicensee. In addition, if Licensee
receives any fees, minimum royalties, or other payments in consideration for
any rights granted under a sublicense to a Collaborator, Development Partner or
Contract Service Provider, and such payments are not based directly upon the
amount or value of Licensed Products sold by the sublicensee, as permitted,
then Licensee shall pay WARF twenty percent (20%) of such payments in the
manner specified in Section 4E.

C.   Restrictions and Limitations.

Licensee acknowledges and agrees that the license
granted hereunder does not provide any right or license to:  (i)  grant any sublicenses under this
Agreement to any third parties except as described in Section 2B of this
Agreement; (ii) make, have made, use, have sold, sell, offer for sale,
import, have imported or otherwise transfer Therapeutic Products or Diagnostic
Products that use neural cells, cardiomyocytes, or pancreatic islet cells, or
their precursors, developed from and/or incorporating the Licensed Materials,
WiCell Materials or their derivatives; or (iii) use the inventions of the
Licensed Patents, Licensed Materials or any Derivative Materials in the
manufacture or distribution of any products other than the Licensed Products.

Section 3.   Development.

A.    Licensee
shall diligently develop, manufacture, market and sell Licensed Products
throughout the term of this Agreement. Such activities shall include, without
limitation, those activities listed in the Development Plan attached hereto as
Appendix C. Licensee agrees that said Development Plan is reasonable and that
it shall take all reasonable steps to meet the development program as set forth
therein.

B.     Beginning
in calendar year 2007 and until the Date of First Commercial Sale, Licensee
shall provide WARF with semiannual written Development Reports summarizing
Licensee’s development activities since the last Development Report and any
necessary adjustments to the Development Plan. Licensee agrees to provide each
Development Report to WARF on or before thirty (30) days from the end of each
semi-annual period ending June 30 and December 31 for which a report
is due, and shall set forth in each Development Report sufficient detail to
enable WARF to ascertain Licensee’s progress toward the requirements of the
Development Plan. WARF reserves the right to audit Licensee’s records relating
to the development activities required hereunder. Such record keeping and audit
procedures shall be subject to the procedures and restrictions set forth in Section 6
for auditing the financial records of Licensee. 

 3
 

WARF agrees that any
information obtained or learned by WARF during an audit under this paragraph
shall be treated by WARF and WiCell as confidential information of Licensee,
and neither WARF nor WiCell will (i) use any such information for any
purpose other than to exercise its rights under this paragraph or (ii) disclose
any such information to any third party without the express written consent of
Licensee except as necessary to exercise its rights under this paragraph.

C.     Licensee
acknowledges that any failure by Licensee to reasonably implement the
Development Plan, or to make timely submission to WARF of any Development
Report, or the providing of any false information to WARF regarding Licensee’s
development activities hereunder, shall be a material breach of the terms of
this Agreement subject to the termination and cure provisions set forth in Section 7.C
of this Agreement.

Section 4.   Consideration.

A.   License Fee.

In consideration of the
rights granted under this Agreement, Licensee agrees to pay to WARF a license
fee of Six Hundred Thousand Dollars ($600,000) (the “Initial License Fee”) in
accordance with the payment schedule set forth herein this Section 4;
provided, however, Licensee shall be entitled to a credit in the amount of Two
Hundred Twenty Five Thousand Dollars ($225,000) representing the license fees
paid to WARF by Licensee as required under the Research Agreement. Licensee
shall pay to WARF the Initial License Fee in twelve (12) installments of
$31,250 each. The installments shall be due on a quarterly basis as follows:

	
  Payment Due Date

  	
   

  	
   

  	
   

  	
  Quarter

  	
   

  	
  Amount

  	
   

  
	
  3/31/2008

  	
   

  	
  Q1 2008

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  6/30/2008

  	
   

  	
  Q2 2008

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  9/30/2008

  	
   

  	
  Q3 2008

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  12/31/2008

  	
   

  	
  Q4 2008

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  3/31/2009

  	
   

  	
  Q1 2009

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  6/30/2009

  	
   

  	
  Q2 2009

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  9/30/2009

  	
   

  	
  Q3 2009

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  12/31/2009

  	
   

  	
  Q4 2009

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  3/31/2010

  	
   

  	
  Q1 2010

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  6/30/2010

  	
   

  	
  Q2 2010

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  9/30/2010

  	
   

  	
  Q3 2010

  	
   

  	
  $

  	
  31,250

  	
   

  
	
  12/31/2010

  	
   

  	
  Q4 2010

  	
   

  	
  $

  	
  31,250

  	
   

  
	
   

  	
   

  	
  TOTAL =

  	
   

  	
  $

  	
  375,000

  	
   

  

 

B.   Royalty.

Licensee also agrees to pay to WARF as “earned
royalties” a royalty of (i) four percent (4.0%) of the Net Selling Price
of Therapeutic Products, and (ii) two percent (2.0%) of the Net Selling
Price of Diagnostic Products and Research Products, sold or transferred under
this Agreement. The royalty is deemed earned as of the earlier of the date the
Licensed Product is actually sold, leased or otherwise transferred for
consideration, the date an invoice is sent by Licensee, or the date a Licensed
Product is transferred to a third party for any promotional reasons. Licensee
acknowledges and agrees that the royalty paid hereunder is provided as
additional consideration for the rights afforded under the Research Agreement
which led to the discovery and/or development of the Licensed Products to be
commercialized under this Agreement. Licensee is required to pay only one
royalty with respect to a Licensed Product regardless of the number of patents
or patent applications included within the Licensed Patents whose claims cover
that Licensed Product.

 4

If Licensee is required to
make payments to an unaffiliated third party for a license or similar right to
such third party’s patents, in the absence of which right or license Licensee
could not legally make, use or sell Licensed Products, then Licensee may reduce
the royalties payable to WARF by one-quarter (0.25%) for every one percent (1%)
royalty paid on the Net Selling Price of Licensed Products to such third
parties; provided, however, that the adjusted
royalty rate to WiCell will be no less than fifty percent (50%) of the
applicable royalty rate payable for such Licensed Products under this
Agreement.

C.   Minimum
Royalty.

Licensee further agrees to
pay to WARF a minimum royalty of Fifty Thousand Dollars ($50,000) per calendar
year or part thereof during which this Agreement is in effect starting in
calendar year 2008, against which any earned royalty paid for the same calendar
year will be credited. The minimum royalty for a given year shall be due at the
time payments are due for the calendar quarter ending on December 31. It
is understood that the minimum royalties will apply on a calendar year basis,
and that sales of Licensed Products requiring the payment of earned royalties
made during a prior or subsequent calendar year shall have no effect on the annual
minimum royalty due to WARF for any other given calendar year.

WARF and WiCell
acknowledge and agree that the annual maintenance fee requirement imposed under
Section 4.B of the Research Agreement is waived during the term of this
Agreement. Licensee shall have no obligation to pay the annual maintenance fee
required under Section 4.B of the Research Agreement so long as this
Agreement is in force and Licensee has met its minimum royalty obligations
under this Agreement. In the event this Agreement is terminated, Licensee shall
be obligated to pay the annual maintenance fee required under Section 4.B
of the Research Agreement for each year the Research Agreement remains in
effect after the termination of this Agreement, but not for any years during which
this Agreement and the Research Agreement were both in effect.

D.   Patent
Fees and Costs.

Licensee also agrees to
pay to WARF a one-time aggregate fee of Fifteen Thousand Dollars ($15,000) to
reimburse WARF for the costs associated with preparing, filing and maintaining
the Licensed Patents. Licensee shall pay to WARF such patent fees on or before
the first anniversary date of the Effective Date.

E.   Accounting; Payments.

(i)    Amounts owing to WARF under Section 4B of this Agreement
shall be paid on a quarterly basis, with such amounts due and received by WARF
on or before the thirtieth day following the end of the calendar quarter ending
on March 31, June 30, September 30 or December 31 in which
such amounts were earned. The balance of any amounts which remain unpaid more
than thirty (30) days after they are due to WARF shall accrue interest until
paid at the rate of the lesser of one percent (1%) per month or the maximum
amount allowed under applicable law. However, in no event shall this interest
provision be construed as a grant of permission for any payment delays.

(ii)   Except as otherwise directed, all amounts
owing to WARF under this Agreement shall be paid in U.S. dollars. All royalties
owing with respect to Net Selling Prices stated in currencies other than U.S.
dollars shall be converted at the rate shown in the Federal Reserve Noon
Valuation - Value of Foreign Currencies on the day preceding the payment.
WARF is exempt from paying income taxes under U.S. law. Therefore, all payments
due under this Agreement shall be made without deduction for taxes,
assessments, or other charges of any kind which may be imposed on WARF by any
government outside of the United States or any political subdivision of such
government with respect to any amounts payable to WARF pursuant to this
Agreement. All such taxes, assessments, or other charges shall be assumed by
Licensee.

(iii)  A full accounting showing how any amounts
owing to WARF under Section 4B have been calculated shall be submitted to
WARF on the date of each such payment. Such accounting 

shall be on a per-country
and product line, model or tradename basis and shall be summarized on the form
shown in Appendix A of this Agreement. In the event no payment is owed to WARF,
a statement setting forth that fact shall be supplied to WARF.

Section 5.   Certain Warranties.

A.    WARF warrants that it has the right to grant the licenses granted
to Licensee in this Agreement. Nothing in this Agreement shall, however, be
construed as: (i) a warranty or representation by WARF or Licensee as to
the validity or scope of any of the Licensed Patents; (ii) a warranty or
representation that anything made, used or transferred under the license
granted in this Agreement will or will not infringe patents of third parties; (iii) an
obligation to furnish any assistance, or know-how not provided in the Licensed
Patents or any materials or services other than those specified in this
Agreement; or (iv) an obligation to file any patent application or secure
or maintain any patent right.

B.     WARF MAKES NO REPRESENTATIONS, EXTEND NO WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED, AND ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH
RESPECT TO THE MERCHANTIBILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR THE
NON-INFRINGEMENT OR USE OF ANY LICENSED PRODUCTS UNDER THIS AGREEMENT.

C.     TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN
NO EVENT SHALL WARF, WICELL, OR THEIR RESPECTIVE  TRUSTEES, DIRECTORS, OFFICERS AND
EMPLOYEES  (INCLUDING WITHOUT LIMITATION
ANY INVENTORS OF THE LICENSED PATENTS) BE LIABLE FOR ANY INDIRECT, INCIDENTAL
OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGES OR INJURY TO
PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER SUCH PARTY HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING THE FAILURE OF THE
ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.

Section 6.   Recordkeeping.

A.    Licensee and its sublicensee(s) shall keep books and records
sufficient to verify the accuracy and completeness of Licensee’s accounting
referred to above, including without limitation inventory, purchase and invoice
records relating to any Licensed Products sold under this Agreement. In
addition, Licensee shall keep books and records sufficient to verify the
accuracy and completeness of Licensee’s Development Reports. Such documentation
may include, but is not limited to, invoices for studies, laboratory notebooks,
internal job cost records, and filings made to the Internal Revenue Department
to obtain tax credit, if available, for research and development. All such
books and records shall be preserved for a period not less than six (6) years
after they are created during and after the term of this Agreement.

B.     Licensee and its sublicensee(s) shall take all steps
reasonably necessary so that WARF may, within thirty (30) days of its request,
review Licensee’s and its sublicensee(s) books and records to allow WARF
to verify the accuracy of Licensee’s Development Reports and the payments made
to WARF. Such review will be performed by an attorney or registered CPA and
scientific expert designated by WARF, at WARF’s expense upon reasonable notice
and during regular business hours.

C.     If a royalty payment deficiency is determined, Licensee and its
sublicensee(s), if applicable, shall pay the royalty deficiency outstanding
within thirty (30) days of receiving written notice thereof, plus interest on
outstanding amounts as described in Section 4E(i). If a royalty payment
deficiency for a calendar year exceeds the lesser of five percent (5%) of the
royalties paid for that year or $50,000, then Licensee shall be responsible for
paying WARF’s out-of-pocket expenses incurred with respect to such
review.

Section 7.   Term and Termination.

A.    The term of this Agreement shall begin on the Effective Date and
continue until the expiration of the last to expire Licensed Patents, unless
otherwise earlier terminated as provided herein.

B.     Licensee may terminate this Agreement at any time by giving at
least ninety (90) days written and unambiguous notice of such termination to
WARF.

C.     Subject to the terms of this Agreement, if Licensee at any time
defaults in the timely payment of any monies due to WARF, or the timely
submission to WARF of any report required under this Agreement, or commits any
material breach of any other covenant herein contained, and Licensee fails to
remedy any such breach or default within ninety (90) days after written notice
thereof by WARF, or if Licensee commits any act of bankruptcy, becomes
insolvent, is unable to pay its debts as they become due, files a petition
under any bankruptcy or insolvency act, or has any such petition filed against
it which is not dismissed within sixty (60) days, or offers any component of
the Licensed Patents or Licensed Materials to its creditors, WARF may, at its
option, terminate this Agreement by giving notice of termination to Licensee.

D.    Upon termination of this Agreement, Licensee and its sublicensee(s) shall
have ninety (90) days to cease all activities involving the manufacture, use,
sale or distribution of Licensed Products for any purpose, and shall destroy
all such Licensed Products in its possession. Licensee and its sublicensee(s) shall
remain obligated to provide an accounting for and to pay royalties earned up to
the date of the expiration of said ninety (90) day period, and any minimum
royalties shall be prorated as of said date by the number of days elapsed in
the applicable calendar year.

E.     Waiver by either party of a single breach or default, or a
succession of breaches or defaults, shall not deprive such party of any right
to terminate this Agreement in the event of any subsequent breach or default.

Section 8.   Product Liability; Conduct of
Business.

A.    Licensee shall, at all times during the term of this Agreement
and thereafter, indemnify, defend and hold WARF and the inventors of the
Licensed Patents harmless against all claims and expenses, including legal expenses
and reasonable attorneys fees, arising out of the death of or injury to any
person or persons or out of any damage to property and against any other claim,
proceeding, demand, expense and liability of any kind whatsoever resulting from
the production, manufacture, sale, use, lease, consumption or advertisement of
Licensed Products arising from any right or obligation of Licensee and its
sublicensee(s) hereunder. WARF at all times reserves the right to select
and retain counsel of its own to defend WARF’s interests.

B.     Licensee warrants that it now maintains and will continue to
maintain liability insurance coverage appropriate to the risk involved in
marketing the products subject to this Agreement and that such insurance
coverage is sufficient to cover WARF and the inventors of the Licensed Patents
as additional insureds. Within ninety (90) days after the execution of this
Agreement and thereafter annually between January 1 and January 31 of
each year, Licensee will present evidence to WARF that that such coverage is
being maintained. In addition, Licensee shall provide WARF with at least thirty
(30) days prior written notice of any material change in or cancellation of the
insurance coverage.

Section 9.   Miscellaneous.

A.    Licensee may not assign or transfer this Agreement, nor any of
the rights granted herein, without the prior written consent of WARF, such
consent not to be unreasonably withheld. Notwithstanding the foregoing,
Licensee may assign this Agreement, without the prior written consent of WARF
or WiCell pursuant to a Change of Control Event. “Change of Control Event”
shall mean (i) the sale or disposition of all or substantially all the
assets of the Licensee or its direct or indirect parent corporation; (ii) the
reorganization, merger, consolidation, or similar transaction involving the
Licensee or its direct or indirect parent corporation which results in the
voting securities of such entity outstanding immediately prior to that
transaction ceasing to represent at least 50% of the combined voting power of
the surviving entity immediately after such transaction; (iii) the
acquisition in one or more transactions by any “person”, as that term is used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), together with any of such person’s “affiliates”
or “associates”, as such terms are used in the Exchange Act, of 40% or more of
the outstanding shares of the voting capital stock of the Licensee or 

its direct or
indirect parent corporation (excluding any employee benefit plan or related
trust sponsored or maintained by that entity); or (iv) any event or series
of events in which the individuals who are the directors of the Licensee or its
direct or indirect parent corporation as of the effective date of this
Agreement (“Incumbent Directors”) cease for any reason to constitute at least
fifty percent (50%) of the board of directors of that entity; provided,
however, that if any new director is approved by a vote of at least fifty
percent (50%) of the Incumbent Directors, such new director shall be considered
an Incumbent Director. Assignment pursuant to a Change of Control Event shall
require payment of $300,000 to WARF, due upon such assignment.

B.     This Agreement shall be governed by and construed in all respects
in accordance with the laws of the State of Wisconsin, without reference to its
conflicts of laws principles. The parties hereto are independent contractors
and not joint venturers or partners. If the enforcement of any provisions of
this Agreement are or shall come into conflict with the laws or regulations of
any jurisdiction or any governmental entity having jurisdiction over the
parties or this Agreement, those provisions shall be deemed automatically
deleted, if such deletion is allowed by relevant law, and the remaining terms
and conditions of this Agreement shall remain in full force and effect. If such
a deletion is not so allowed or if such a deletion leaves terms thereby made
clearly illogical or inappropriate in effect, the parties agree to substitute
new terms as similar in effect to the present terms of this Agreement as may be
allowed under the applicable laws and regulations.

C.     WARF and Licensee have each been
represented by counsel who participated in the preparation of this Agreement. Neither
party shall be considered to be the drafter of this Agreement or any of its
provisions for the purpose of any statute, case law or rule of
interpretation or construction that would or might cause any provision to be
construed against the drafter of this Agreement. The Section headings
contained in this Agreement are for reference purposes only and shall not in
any way affect the meaning or interpretation of this Agreement.

D.    This Agreement and the Research Agreement constitute the full
understanding between the parties with reference to the subject matter hereof,
and no statements or agreements by or between the parties, whether orally or in
writing, except as provided for elsewhere in this Section 9, made prior to
or at the signing hereof, shall vary or modify the written terms of this
Agreement. Neither party shall claim any amendment, modification, or release
from any provisions of this Agreement by mutual agreement, acknowledgment, or
otherwise, unless such mutual agreement is in writing, signed by the other
party, and specifically states that it is an amendment to this Agreement.

Section 11.   Authority.

The persons signing on behalf of WARF and Licensee
hereby warrant and represent that they have authority to execute this Agreement
on behalf of the party for whom they have signed.

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the
dates indicated below.

	
  WISCONSIN ALUMNI RESEARCH
  FOUNDATION

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  CRAIG
  J. CHRISTIANSON

  	
   

  	
  Date:

  	
  5/17

  	
  ,

  	
  07

  
	
   

  	
  Craig J. Christianson, Director of Licensing

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ADVANCED CELL TECHNOLOGY, INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  WILLIAM
  M. CALDWELL, IV

  	
   

  	
  Date:

  	
  5/2

  	
  ,

  	
  07

  
	
   

  	
  William M. Caldwell, IV, Chief Executive Officer

  	
   

  	
   

  	
   

  
									

 

WICELL RESEARCH INSTITUTE, INC. hereby consents and agrees to the provisions
of this Commercial Products Addendum applicable to the Research Agreement.

	
  By:

  	
  /s/
  CARL E. GULLBRANDSEN

  	
   

  	
  Date:

  	
  6/4

  	
  ,

  	
  07

  

 

APPENDIX A

WARF
ROYALTY REPORT

	
  Licensee:

  	
   

  	
   

  	
  Agreement No:

  	
   

  
	
  Inventor:

  	
   

  	
   

  	
  WARF Ref. #:

  	
  P

  
	
  Period Covered: From:

  	
  /          /

  	
   

  	
  Through:

  	
  /          /

  
	
  Prepared By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Approved By:

  	
   

  	
   

  	
  Date:

  	
   

  
									

 

If
license covers several major product lines, please prepare a separate report
for each line, and combine all product lines into a summary report.

	
  Report Type:

  	
  o 
  Single Product Line Report:

  	
   

  
	
   

  	
  o 
  Multiproduct Summary Report:  Page 1
  of          Pages

  
	
   

  	
  o 
  Product Line Detail. 

  	
  Line:

  	
   

  	
  Tradename:

  	
   

  	
  Page: 

  	
   

  
	
  Report Currency:

  	
  o U. S. Dollars

  	
  o Other

  	
   

  
												

 

	
  

  	
   

  	
   

  	
  Gross

  	
   

  	
   

  	
  * Less:

  	
   

  	
   

  	
  Net

  	
   

  	
   

  	
  Royalty

  	
   

  	
   

  	
  Period Royalty Amount

  	
   

  
	
  Country

  	
   

  	
   

  	
  Sales

  	
   

  	
   

  	
  Allowances

  	
   

  	
   

  	
  Sales

  	
   

  	
   

  	
  Rate

  	
   

  	
   

  	
  This Year

  	
   

  	
   

  	
  Last Year

  	
   

  
	
  U.S.A.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Canada

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Europe:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Japan

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Other:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Total Royalty:

  	
   

  	
  Conversion Rate:

  	
   

  	
  Royalty in U.S. Dollars:

  	
  $

  	
   

  

 

The following royalty forecast is non-binding and for
WARF’s internal planning purposes only:

	
  Royalty Forecast Under This Agreement: Next
  Quarter:

  	
   

  	
  Q2:

  	
   

  	
  Q3:

  	
   

  	
  Q4:

  	
   

  

 

*                    On
a separate page, please indicate the reasons for returns or other adjustments
if significant.

Also note any unusual occurrences that affected royalty amounts during
this period.

To assist WARF’s forecasting, please comment on any
significant expected trends in sales volume.

APPENDIX B

DEVELOPMENT REPORT

A.              Date
development plan initiated and time period covered by this report.

·       This
report covers activities related to WARF’s license through 1Q07.

·       ACT
has initiated development of its RPE cells for conditions involving retinal
degeneration

·       ACT
is evaluating research and development programs for ESC-derived hemangioblasts
and dermal regeneration.

·       Updates will be provided to
WARF on a timely basis per this agreement.

B.               Development Report
(4-8 paragraphs).

Activities completed
since last report including the object and parameters of the development, when
initiated, when completed and the results.

·       ACT
has derived human embryonic stem cell line using single blastomere technology
(Kliminskya et al., Nature. 2006 Nov 23;444(7118):481-50.
Reprint attached.

·       ACT
has identified conditions to derive RPE cell lines from single blastomeres.

·       ACT has conducted
proof-of-concept studies of using these RPE cells to treat RCS rats (Lund et al., Cloning Stem Cells. 2006 Fall;8(3):189-99 ). Reprint
attached.

2.                Activities
currently under investigation, i.e., ongoing activities including object and
parameters of such activities, when initiated, and projected date of
completion.

·       Process development and
improvement to manufacture RPE cells under GMP-compliant conditions is ongoing
at our Worcester, MA facility.

C.               Future Development
Activities (4-8 paragraphs).

Activities to be
undertaken before next report including, but not limited to, the type and
object of any studies conducted and their projected starting and completion
dates.

·       We
have initiated a dialogue with the FDA in regard to our RPE program and expect
to continue that dialogue throughout 2007.

·       We
are conducting certain pharmacology studies using our RPE cells in the RCS rat.
To date, these studies suggest efficacy in the animal model. We expect to
complete these studies by 3Q07.

·       We
expect to begin safety and biodistribution studies using our RPE cells in nude
rats. These studies will begin in 2Q07 and be completed by 4Q07.

·       We
expect to commence toxicology and tumorigenicity studies using our RPE cells in
2Q07. We expect to have preliminary results by 4Q07 and final results by 2Q08.

·       We
will initiate studies in primates to assess optimal administration of RPE for
potential clinical uses. We expect to conduct these studies during 2007.

·       We
will continue to work on the characterization and scaling of manufacturing of
our RPE cells throughout 2007.

·       We
have been looking to file our IND for this program by year-end. We are continuing
dialogues with the FDA and will continue to assess our IND timeline based on
these dialogues.

Estimated total
development time remaining before a product will be commercialized.

·       RPE:
5-7 years

·       Hemangioblast and dermal
regeneration in research phase at present

D.              Changes to initial
development plan (2-4 paragraphs).

1.                Reasons for
change.

2.                Variables that may
cause additional changes.

E.               Items to be
provided if applicable:

1.                Information
relating to Product that has become publicly available, e.g., published
articles, competing products, patents, etc.

2.                Development
work being performed by third parties other than Licensee to include name of
third party, reasons for use of third party, planned future uses of third
parties including reasons why and type of work.

·       Dr. Raymond
Lund at Oregon Health and Science University—Pharmacology Studies

·       Dr. Marco
Zarbin at UMDNJ—Pharmacology Studies

·       MPI Research—GLP Toxicology
Studies

3.                Update
of competitive information trends in industry, government compliance (if
applicable) and market plan.

PLEASE SEND
DEVELOPMENT REPORTS TO:

WARF Research Institute, Inc.

Attn.:  Contract Coordinator

614 Walnut Street

P.O. Box 7365

Madison, WI  53707-7365

APPENDIX C

DEVELOPMENT PLAN

(To be provided by Licensee prior
to execution)

·       Selection
of clinical indication(s) for RPE replacement program by 3Q07

·       File
IND for RPE program (2Q08)

·       Phase
I human clinical study for RPE indication in 4Q08

·       Phases
II and III for RPE program TBD

·       Ongoing
evaluation of hemangioblast and dermal repair program for developmentex101.htm

    EXHIBIT
      10.1

     

    THIS
      WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE
      TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT
      TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION
      AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    WARRANT
      TO PURCHASE STOCK

     

    
      	
              Corporation:

            	
              Anasazi
                Capital Corp., a Florida
                corporation

            

    

     

    
      	
              Number
                of Shares:

            	
              262,800

            

    

     

    
      	
              Class
                of Stock:

            	
              Common
                Stock, no par value

            

    

     

    
      	
              Exercise
                Price:

            	
              $0.01
                per share

            

    

     

    
      	
              Issue
                Date:

            	
              August
                14, 2007

            

    

     

    
      	
              Expiration
                Date:

            	
              August
                13, 2012

            

    

     

    THIS
      WARRANT CERTIFIES THAT, for good and valuable consideration, the receipt of
      which is hereby acknowledged, Law Offices of Michael H. Hoffman, P.A., or its
      permitted assignee (“Holder”), is entitled to purchase the number of fully paid
      and nonassessable shares of the class of securities (the “Shares”) of the
      corporation (the “Company”) at the exercise price (the “Warrant Price”) all as
      set forth above and as adjusted pursuant to Article 2 of this warrant, subject
      to the provisions and upon the terms and conditions set forth in this
      warrant.

     

    ARTICLE
      1.EXERCISE.

     

    1.1           Method
      of Exercise.  Upon the quotation of the Company’s shares of common
      stock on a Public Market (as defined in Section 1.5), Holder may exercise
      this warrant, in whole or in part, by delivering this warrant and a duly
      executed Notice of Exercise in substantially the form attached as Appendix
      1 to the principal office of the Company.  Unless Holder is
      exercising the conversion right set forth in Section 1.2, Holder shall
      also deliver to the Company a check for the Warrant Price for the Shares being
      purchased.

     

    1.2           Conversion
      Right.  Upon the quotation of the Company’s shares of common stock
      on a Public Market (as defined in Section 1.5), in lieu of exercising
      this warrant as specified in Section 1.1, Holder may from time to time
      convert this warrant, in whole or in part, into a number of Shares determined
      by
      multiplying the number of shares issuable upon exercise of this warrant by
      a
      fraction, (a) the numerator of which is the fair market value of one Share
      minus
      the Warrant Price of one Share, by (b) the fair market value of one
      Share.  The fair market value of the Shares shall be the closing price
      of the Shares (or the closing price of the Company’s stock into which the Shares
      are convertible) reported for the business day immediately before Holder
      delivers its Notice of Exercise to the Company.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    1.3           Delivery
      of Certificate and New Warrant.  Promptly after Holder exercises
      or converts this warrant, the Company shall deliver to Holder certificates
      for
      the Shares acquired and, if this warrant has not been fully exercised or
      converted and has not expired, a new warrant representing the Shares not so
      acquired.

     

    1.4           Replacement
      of Warrants.  On receipt of evidence reasonably satisfactory to
      the Company of the loss, theft, destruction or mutilation of this warrant and,
      in the case of loss, theft or destruction, on delivery of an indemnity agreement
      reasonably satisfactory in form and amount to the Company or, in the case of
      mutilation, on surrender and cancellation of this warrant, the Company at its
      expense shall execute and deliver, in lieu of this warrant, a new warrant of
      like tenor.

     

    1.5           Put
      Right.  In the event that the Company’s shares of common stock are
      not listed for quotation on a recognized national securities exchange, the
      Nasdaq National Market (or a similar national quotation system), the
      over-the-counter electronic bulletin board or the Pink Sheets (each, a “Public
      Market”), at Holder’s option, in lieu of exercising its rights as set forth in
Section 1.1 or Section 1.2, Holder shall have the right to require
      the Company to purchase this warrant, or the Shares issuable upon the exercise
      of this warrant (the “Put Right”), for an aggregate purchase price equal
      to the number of Shares issued and issuable upon exercise of this warrant
      multiplied by Equity Value (the “Put Price”).  The Company
      shall pay the purchase price to the Holder within seven (7) days after receipt
      of Holder’s written notice of Holder’s decision to exercise the Put Right;
provided, that in the event that Holder’s notice is provided less than
      seven (7) days prior to the closing of an Acquisition, the Company shall make
      the payment of the Put Price to the Holder on the day before the date of the
      closing of the Acquisition.    “Equity Value” per Share
      shall be determined by dividing (a) the excess of the Enterprise Value over
      Funded Debt, by (b) the aggregate number of issued and outstanding shares of
      Common Stock of the Company on a fully-diluted basis.  For purposes of
      this Section 1.3, the following terms shall have the following
      meanings:

     

    1.5.1           “Adjusted
      Net Income” shall mean net income of the Company for any period, excluding any
      non-recurring or extraordinary gains and losses occurring in such period, but
      normalized for historical uncollectible debt expenses.

     

    1.5.2           “EBITDA”
      shall mean Adjusted Net Income of the Company plus interest, tax, depreciation
      and amortization expenses for a twelve (12) month trailing period.

     

    1.5.3           “Enterprise
      Value” shall mean the Company’s EBITDA multiplied times seven (7).

     

    1.5.4           “Funded
      Debt” shall mean all indebtedness obligations of the Company except trade
      payables incurred by the Company in the ordinary course of
      business.

     

    1.6           Effect
      of Sale, Merger, or Consolidation of the Company.

     

    1.6.1              “Acquisition.”  For
      the purpose of this warrant, “Acquisition” means any sale, license, or other
      disposition of all or substantially all of the assets (including intellectual
      property) of the Company, or any reorganization, consolidation, or merger of
      the
      Company where the holders of the Company’s securities before the transaction
      beneficially own less than 50% of the outstanding voting securities of the
      surviving entity after the transaction.

     

    1.6.2              Assumption
      of Warrant.  If upon the closing of any Acquisition the successor
      entity assumes the obligations of this warrant, then this warrant shall be
      exercisable for the same securities, cash, and property as would be payable
      for
      the Shares issuable upon exercise of the unexercised portion of this warrant
      as
      if such Shares were outstanding on the record date for the Acquisition and
      subsequent closing.  The Warrant Price shall be adjusted
      accordingly.  The Company shall use reasonable efforts to cause the
      surviving corporation to assume the obligations of this warrant.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    1.6.3              Nonassumption.  If
      upon the closing of any Acquisition the successor entity does not assume the
      obligations of this warrant, and Holder has not otherwise exercised this warrant
      in full, then Holder shall have the right to deem this warrant to have been
      automatically converted pursuant to Section 1.2 and thereafter Holder
      shall participate in the Acquisition on the same terms as other holders of
      the
      same class of securities of the Company.

     

    ARTICLE
      2.ADJUSTMENTS TO THE
      SHARES.

     

    2.1           Reclassification,
      Exchange or Substitution.  Upon any reclassification, exchange,
      substitution, or other event that results in a change of the number and/or
      class
      of the securities issuable upon exercise or conversion of this warrant, Holder
      shall be entitled to receive, upon exercise or conversion of this warrant,
      the
      number and kind of securities and property that Holder would have received
      for
      the Shares if this warrant had been exercised immediately before such
      reclassification, exchange, substitution, or other event.  The Company
      or its successor shall promptly issue to Holder a new warrant for such new
      securities or other property.  The new warrant shall provide for
      adjustments which shall be as nearly equivalent as may be practicable to the
      adjustments provided for in this Article 2 including, without limitation,
      adjustments to the Warrant Price and to the number of securities or property
      issuable upon exercise of the new warrant.  The provisions of this
Section 2.1 shall similarly apply to successive reclassifications,
      exchanges, substitutions, or other events.

     

    2.2           Adjustments
      for Combinations, Etc.  If the outstanding Shares are combined or
      consolidated, by reclassification or otherwise, into a lesser number of shares,
      the Warrant Price shall be proportionately increased. If the outstanding Shares
      are combined or consolidated, by reclassification or otherwise, into a greater
      number of shares, the Warrant Price shall be proportionately
      decreased.

     

    2.3           Adjustments
      for Diluting Issuances.  The Warrant Price and the number of
      Shares issuable upon exercise of this warrant shall be subject to adjustment,
      from time to time, in the manner set forth on Exhibit A in the event of
      Diluting Issuances (as defined on Exhibit A).

     

    2.4           No
      Impairment.  The Company shall not, by amendment of its Articles
      of Incorporation or through a reorganization, transfer of assets, consolidation,
      merger, dissolution, issue, or sale of securities or any other voluntary action,
      avoid or seek to avoid the observance or performance of any of the terms to
      be
      observed or performed under this warrant by the Company, but shall at all times
      in good faith assist in carrying out all the provisions of this Article 2 and
      in
      taking all such action as may be necessary or appropriate to protect Holder’s
      rights under this Article against impairment.

     

    2.5           Certificate
      as to Adjustments.  Upon each adjustment of the Warrant Price, the
      Company at its expense shall promptly compute such adjustment, and furnish
      Holder with a certificate of its Chief Financial Officer setting forth such
      adjustment and the facts upon which such adjustment is based.  The
      Company shall, upon written request, furnish Holder a certificate setting forth
      the Warrant Price in effect upon the date thereof and the series of adjustments
      leading to such Warrant Price.

     

    ARTICLE
      3.REPRESENTATIONS AND
      COVENANTS OF THE COMPANY.

     

    3.1           Representations
      and Warranties.  The Company hereby represents and warrants to the
      Holder as follows:

     

    (a)           All
      Shares which may be issued upon the exercise of the purchase right represented
      by this warrant, and all securities, if any, issuable upon conversion of the
      Shares, shall, upon issuance, be duly authorized, validly issued, fully paid
      and
      nonassessable, and free of any liens and encumbrances except for restrictions
      on
      transfer provided for herein or under applicable federal and state securities
      laws.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    3.2           Notice
      of Certain Events.  If the Company proposes at any time (a) to
      declare any dividend or distribution upon its common stock, whether in cash,
      property, stock, or other securities and whether or not a regular cash dividend;
      (b) to offer for subscription pro rata to the holders of any class or series
      of
      its stock any additional shares of stock of any class or series or other rights;
      (c) to effect any reclassification or recapitalization of common stock; or
      (d)
      to merge or consolidate with or into any other corporation, or sell, lease,
      license, or convey all or substantially all of its assets, or to liquidate,
      dissolve or wind up, then, in connection with each such event, the Company
      shall
      give Holder (1) at least 25 days prior written notice of the date on which
      a
      record will be taken for such dividend, distribution, or subscription rights
      (and specifying the date on which the holders of common stock will be entitled
      thereto) or for determining rights to vote, if any, in respect of the matters
      referred to in (a) and (b) above; and (2) in the case of the matters referred
      to
      in (c) and (d) above at least 25 days prior written notice of the date when
      the
      same will take place (and specifying the date on which the holders of common
      stock will be entitled to exchange their common stock for securities or other
      property deliverable upon the occurrence of such event).

     

    3.3           Information
      Rights.  So long as the Holder holds this warrant and/or any of
      the Shares, the Company shall deliver to the Holder (a) promptly after mailing,
      copies of all communiques to the shareholders of the Company, (b) within one
      hundred and five (105) days after the end of each fiscal year of the Company,
      the annual audited financial statements of the Company certified by
independent public accountants of recognized standing, (c) within fifty
      (50) days after the end of each of the first three quarters of each fiscal
      year,
      the Company’s quarterly, unaudited financial statements, and (d) within thirty
      (30) days after the end of each quarter of each fiscal year, a capitalization
      table showing all issued and outstanding (i) capital stock of the Company,
      organized by class and series, and (b) all options, warrants and other purchase
      or acquisition rights with respect to any class or series of capital stock
      of
      the Company held by any person.

     

    3.4           Registration.

     

    (a)           Definitions.

     

    For
      purposes of this
Section 3.4 the following terms have the following
      definitions:

     

    “Registrable
      Stock” means (i) all Shares which are issuable pursuant to this
      warrant, whether or not the warrant has in fact been exercised and whether
      or
      not such Shares have in fact been issued, (ii) all Shares acquired by
      Holder pursuant to this warrant, and (iii) any shares of Common Stock,
      whether or not such shares of Common Stock have in fact been issued, and stock
      or other securities of the Company issued in a stock split or reclassifications
      of, or a stock dividend or other distribution on, or in substitution or exchange
      for, or otherwise in connection with, such Shares.

     

    “Commission”
      means the U.S. Securities and Exchange Commission.

     

    “participating
      holders” means holders of Registrable Stock included in a registration
      statement filed with the Commission pursuant to this Section
      3.4.

     

    “Securities
      Act” means the Securities Act of 1933, as amended.

     

    (b)           Incidental
      Registration.  Each time the Company shall determine to file a
      registration statement under the Securities Act (other than on Form S-8) in
      connection with the proposed offer and sale for money of any of its securities
      by it or by any of its security holders, the Company will give written notice
      of
      its determination to all holders of Registrable Stock at least ten (10) days
      prior to the filing of such registration statement.  Upon the written
      request of a holder of any Registrable Stock, within ten (10) days after receipt
      of the above-described notice from the Company, the Company will cause all
      such
      Registrable Stock, the holders of which have so requested registration thereof,
      to be included in such registration statement, all to the extent requisite
      to
      permit the sale or other disposition by the prospective seller or sellers of
      the
      Registrable Stock to be so registered in accordance with the terms of the
      proposed offering.  If the registration statement is to cover an
      underwritten distribution, the Company shall use its best efforts to cause
      the
      Registrable Stock requested for inclusion pursuant to this Section 3.4(b)
      to be included in the underwriting on the same terms and conditions as the
      securities otherwise being sold through the underwriters.  In the
      event of a firm commitment underwriting, if the managing underwriter of such
      offering shall advise holders in writing that, in its good faith opinion,
      distribution of a specified portion of the securities requested to be included
      in the registration statement would materially adversely affect the distribution
      of such securities by increasing the aggregate amount of the offering in excess
      of the maximum amount of securities which such managing underwriter believes
      can
      reasonably be sold in the contemplated distribution, then the securities to
      be
      included in the registration shall be included in the following
      order:  (1) first, the securities the Company proposes to include
      in the underwritten offering, (2) second, Registrable Stock requested to be
      included in such registration by holders of Registrable Stock, on a pro rata
      basis, and (3) third, all other shares of securities requested to be
      included by any other security holder of the Company.  The Company
      shall maintain the effectiveness of any such registration statement until the
      date which is the later to occur of (i) the expiration of any such public
      offering, and (ii) twelve (12) months from the date that any such registration
      statement is declared effective by the Commission.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    (c)           Expenses
      of Registration.  All expenses incident to the Company’s
      performance of or compliance with this warrant, including, without limitation,
      the following shall be borne by the Company, regardless of whether the
      registration statement becomes effective:

     

    (i)           All
      registration and filing fees (including those with respect to filings required
      to be made with the National Association of Securities Dealers,
      Inc.);

     

    (ii)           Fees
      and expenses of compliance with all securities or blue sky laws (including
      fees
      and disbursements of counsel for the underwriters or participating holders
      in
      connection with blue sky qualifications of the Registrable Stock and in
      determination of their eligibility for investment under the laws of such
      jurisdictions as the managing underwriters or participating holders of a
      majority of the Registrable Stock being sold may designate);

     

    
      	
              (iii)

            	
              Printing,
                messenger, telephone, facsimile and delivery
                expenses;

            

    

     

    (iv)           Fees
      and disbursements of counsel for the Company, and the underwriters;

     

    (v)           Fees
      and disbursements of all independent certified public accountants of the Company
      (including the expenses of any special audit and “comfort” letters required by
      or incident to such performance);

     

    (vi)           Fees
      and disbursements of underwriters (excluding discounts, commissions or fees
      of
      underwriters, selling brokers, dealer managers or similar securities industry
      professionals relating to the distribution of the Registrable Stock or legal
      expenses of any person other than the Company and the selling holders);
      and

     

    (vii)           Fees
      and expenses of other persons retained by the Company.

     

    The
      Company will, in any event, pay
      its internal expenses (including without limitation, all salaries and expenses
      of its officers and employees performing legal or accounting duties), the
      expense of any annual audit, the fees and expenses incurred in connection with
      the listing of the securities to be registered on each securities exchange
      on
      which similar securities issued by the Company are then listed, rating agency
      fees and the fees and expenses of any person, including special experts,
      retained by the Company.

     

    (d)           Indemnification.

     

    (i)           The
      Company hereby agrees to indemnify each of the participating holders of
      Registrable Stock included on any registration statement and their officers
      and
      directors and each person, if any, who controls any thereof within the meaning
      of Section 15 of the Securities Act and their respective successors
      against all claims, losses, damages and liabilities (or actions in respect
      thereof), joint or several, arising out of or based on any untrue statement
      (or
      alleged untrue statement) of a material fact contained in any registration
      statement, preliminary or final prospectus, or other document incident to any
      such registration, qualification or compliance (or in any related registration
      statement, notification or the like) or any omission (or alleged omission)
      to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein not misleading, or any violation by the Company of any
      rule or regulation promulgated under the Securities Act applicable to the
      Company and relating to action or inaction required of the Company in connection
      with any such registration, qualification or compliance, and to reimburse the
      holders of Registrable Stock (including officers and directors of the same
      and
      controlling persons) for any legal and any other expenses reasonably incurred
      in
      connection with investigating or defending any such claim, loss, damage,
      liability or action, provided, however, that the Company will not be liable
      in
      any such case to the extent that any such claim, loss, damage or liability
      arises out of or is based on any untrue statement or omission based upon written
      information furnished to the Company by holders of Registrable Stock in an
      instrument duly executed by them and stated to be specifically for use
      therein.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    (ii)           Participating
      holders of Registrable Stock whose shares are included in a registration
      statement, severally and not jointly, agree to indemnify the Company and its
      officers and directors and each person, if any, who controls any thereof within
      the meaning of Section 15 of the Securities Act and their respective
      successors against all claims, losses, damages and liabilities (or actions
      in
      respect thereof), joint or several, arising out of or based on any untrue
      statement of a material fact contained in any registration statement,
      preliminary or final prospectus or other document incident to any such
      registration, qualification or compliance relating to the Warrants or the
      securities purchased pursuant to the Warrants (or in any related registration
      statement, notification or the like) or any omission (or alleged omission)
      to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein not misleading, and to reimburse the Company and each
      other person indemnified pursuant to this Section 3.4(d) for any legal
      and any other expenses reasonably incurred in connection with investigating
      or
      defending any such claim, loss, damage, liability or action; provided,
      however, that this Section 3.4(d) shall apply only if (and only to the
      extent that) such statement or omission was made in reliance upon information
      (including, without limitation, written negative responses to inquiries)
      furnished to the Company in writing in an instrument duly executed by
      participating holders of Registrable Stock and stated to be specifically for
      use
      in such prospectus, or other document (or related registration statement,
      notification or the like) or any amendment or supplement thereto;
provided further, that in no case shall any participating holder of
      Registrable Stock be responsible for any amount in excess of the amount of
      net
      proceeds received by such participating holders from the offering of the
      securities.

     

    (iii)           Promptly
      after receipt by an indemnified party of notice of the commencement of any
      action or proceeding involving a claim referred to in this
Section 3.4(d), such indemnified party shall, if a claim in respect
      thereof is to be made against an indemnifying party, give written notice to
      the
      latter of the commencement of such action; provided, however, that the
      failure of any indemnified party to give notice as provided herein shall not
      relieve the indemnifying party of its obligations under the preceding
      subdivisions of this Section 3.4(d), except to the extent that the
      indemnifying party is actually prejudiced by such failure to give
      notice.  In case any such action is brought against an indemnified
      party, unless in such indemnified party’s reasonable judgment a conflict of
      interest between such indemnified and indemnifying parties may exist in respect
      of such claim, the indemnifying party shall be entitled to participate in and
      to
      assume the defense thereof, jointly with any other indemnifying party similarly
      notified, to the extent that the indemnifying party may wish, with counsel
      reasonably satisfactory to such indemnified party, and after notice from the
      indemnifying party to such indemnified party of its election so to assume the
      defense thereof, the indemnifying party shall not be liable to such indemnified
      party for any legal or other expenses subsequently incurred by the latter in
      connection with the defense thereof other than reasonable costs of
      investigation.  If, in the indemnified party’s reasonable judgment a
      conflict of interest between such indemnified and indemnifying parties may
      exist
      in respect of such claim, the indemnified party may assume the defense of such
      claim, jointly with any other indemnified party that reasonably determines
      such
      conflict of interest to exist, and the indemnifying party shall be liable to
      such indemnified parties for the reasonable legal fees and expenses of one
      counsel for all such indemnified parties and for other expenses reasonably
      incurred in connection with the defense thereof incurred by the indemnified
      party.  No indemnifying party shall, without the consent of the
      indemnified party, consent to entry of any judgment or enter into any settlement
      of any such action which does not include as an unconditional term thereof
      the
      giving by the claimant or plaintiff to such indemnified party of a release
      from
      all liability, or a covenant not to sue, in respect of such claim or
      litigation.  No indemnified party shall consent to entry of any
      judgment or enter into any settlement of any such action the defense of which
      has been assumed by an indemnifying party without the consent of such
      indemnifying party.

     

    (iv)           Indemnification
      and contribution similar to that specified in this Section 3.4(d)
      (with appropriate modifications) shall be given by the Company and each
      participating holder of Registrable Stock included in a registration statement
      with respect to any required registration or other qualification of Registrable
      Stock under any Federal or state law or regulation of any governmental
      authority, other than the Securities Act.

     

    (v)           The
      indemnification required by this Section 3.4(d) shall be made by
      periodic payments of the amount thereof during the course of the investigation
      or defense, as and when bills are received or expense, loss, damage or liability
      is incurred.

     

    (vi)           If
      the indemnification provided for in this Section 3.4(e) from the
      indemnifying party is unavailable to an indemnified party hereunder in respect
      of any losses, claims, damages, liabilities, or expenses referred to herein,
      then the indemnifying party, in lieu of indemnifying such indemnified party,
      shall contribute to the amount paid or payable by such indemnified party as
      a
      result of losses, claims, damages, liabilities, or expenses in such proportion
      as is appropriate to reflect the relative fault of the indemnifying party and
      indemnified party in connection with the actions which resulted in such losses,
      claims, damages, liabilities, or expenses, as well as any other relevant
      equitable considerations.  The relative fault of such indemnifying
      party and indemnified party shall be determined by reference to, among other
      things, whether any action in question, including any untrue or alleged untrue
      statement of a material fact or omission or alleged omission to state a material
      fact, has been made by, or relates to information supplied by, such indemnifying
      party or indemnified party, and the parties’ relative intent, knowledge, access
      to information, and opportunity to correct or prevent such
      action.  The amount paid or payable by a party as a result of the
      losses, claims, damages, liabilities, and expenses referred to above shall
      be
      deemed to include any legal or other fees or expenses reasonably incurred by
      such party in connection with any investigation or proceeding.  In no
      event shall the liability of any person or entity hereunder be greater in amount
      than the dollar amount of the proceeds received by such person or entity upon
      the sale of the Registrable Stock giving rise to such contribution
      obligation.  The parties hereto agree that it would not be just and
      equitable if contribution pursuant to this Section 3.4(d)(vi) were
      determined by pro rata allocation or by any other method of allocation which
      does not take into account the equitable considerations referred to in this
      Section 3.4(d)(vi).  No person guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the
      Securities Act) shall be entitled to contribution from any person or entity
      who
      was not guilty of such fraudulent misrepresentation.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    (e)           Assignment
      of Rights; Termination.  The rights granted under this
Section 3.4 may be assigned to the transferee of any of the Warrant
      or Registrable Stock.

     

    ARTICLE
      4.MISCELLANEOUS.

     

    4.1           Term.  Upon
      the quotation of the Company’s shares of common stock on a Public Market, this
      warrant is exercisable in whole or in part, at any time and from time to time
      on
      or after the Issue Date and on or before the Expiration Date set forth
      above.  If this warrant has not been exercised prior to the Expiration
      Date, this warrant shall be deemed to have been automatically exercised on
      the
      Expiration Date by “cashless” conversion pursuant to Section
      1.2.

     

    4.2           Legends.  This
      warrant and the Shares (and the securities issuable, directly or indirectly,
      upon conversion of the Shares, if any) shall be imprinted with a legend in
      substantially the following form:

     

    THIS
      SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
      AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
      REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF
      COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH
      REGISTRATION IS NOT REQUIRED.

     

    4.3           Compliance
      with Securities Laws on Transfer.  This warrant and the Shares
      issuable upon exercise of this warrant (and the securities issuable, directly
      or
      indirectly, upon conversion of the Shares, if any) may not be transferred or
      assigned in whole or in part without compliance with applicable federal and
      state securities laws by the transferor and the transferee (including, without
      limitation, the delivery of investment representation letters and legal opinions
      reasonably satisfactory to the Company).  The Company shall not
      require Holder to provide an opinion of counsel if the transfer is to an
      affiliate of Holder that is an “accredited investor” within the meaning of Rule
      501 of the Securities Act, or if there is no material question as to the
      availability of current information as referenced in Rule 144(c), Holder
      represents that it has complied with Rule 144(d) and (e) in reasonable detail,
      the selling broker represents that it has complied with Rule 144(f), and the
      Company is provided with a copy of Holder’s notice of proposed
      sale.  With respect to any transfer by any Holder pursuant to Rule
      144, to the extent that a legal opinion is required to effect such transfer
      by
      Holder, the Company shall deliver an opinion of its counsel (at the Company’s
      expense), as required, to any broker or transfer agent to the effect that the
      proposed transfer by the Holder may be effected pursuant to Rule
      144.

     

    4.4           Transfer
      Procedure.  Subject to the provisions of Section 4.3,
      Holder may transfer all or part of this warrant or the Shares issuable upon
      exercise of this warrant (or the securities issuable, directly or indirectly,
      upon conversion of the Shares, if any) by giving the Company notice of the
      portion of the warrant being transferred setting forth the name, address and
      taxpayer identification number of the transferee and surrendering this warrant
      to the Company for reissuance to the transferee(s) (and Holder, if applicable);
      provided, however, that Holder may transfer all or part of this warrant
      to its affiliates at any time without notice to the Company, and such affiliate
      shall then be entitled to all the rights of Holder under this warrant and any
      related agreements, and the Company shall cooperate fully in ensuring that
      any
      stock issued upon exercise of this warrant is issued in the name of the
      affiliate that exercises this warrant.  The term “affiliate” as used
      herein shall mean, with respect to Holder, any person or entity which directly
      or indirectly controls, is controlled by, or is under common control with,
      Holder.  The term “control” as used herein, shall mean the possession,
      directly or indirectly, of the power to direct or cause the direction of the
      management and policies of a person or entity, whether through ownership of
      voting securities, by contract, acting as an officer, director or manager or
      otherwise.  The terms and conditions of this warrant shall inure to
      the benefit of, and be binding upon, the Company and the holders hereof and
      their respective permitted successors and assigns. Unless the Company is filing
      financial information with the SEC pursuant to the Securities Exchange Act
      of
      1934, the Company shall have the right to refuse to transfer any portion of
      this
      warrant to any person who directly competes with the Company.

     

    4.5           Notices.  All
      notices and other communications to a party hereto shall be in
      writing.  All such notices and communications shall be deemed to have
      been duly given, when delivered by hand, if personally delivered; when delivered
      by courier, if delivered by commercial overnight courier service; if mailed,
      five (5) business days after being deposited in the mail, postage prepaid;
      and,
      if faxed, when transmission is confirmed.  All notices shall be
      addressed as follows:

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    To
      Holder:                                Law
      Offices of Michael H. Hoffman, P.A.

    926
      Michigan Avenue, Unit
      8

    Miami
      Beach, Florida  33139

    Attn.:                      Michael
      H. Hoffman

    Fax:           (786)
      276-6848

    

    To
      Company:                                           Anasazi
      Capital Corp.

    701
      Scott Street

    San
      Francisco,
      California  94117

    Attn.:                      Olivia
      Ruiz

    Fax:           (415)
      568-1410

    

    4.6           Amendments.  This
      warrant and any term hereof may be changed, waived, discharged or terminated
      only by an instrument in writing signed by the party against which enforcement
      of such change, waiver, discharge or termination is sought.

     

    4.7           Attorneys’
      Fees.  In the event of any dispute between the parties concerning
      the terms and provisions of this warrant, the party prevailing in such dispute
      shall be entitled to collect from the other party all costs incurred in such
      dispute, including reasonable attorneys’ fees.

     

    

     

    4.8           Governing
      Law.  This warrant shall be governed by and construed in
      accordance with the laws of the State of Florida, without giving effect to
      its
      principles regarding conflicts of law.

     

    ANASAZI
      CAPITAL CORP.

    

    

    

    By:           /s/
      Olivia
      Ruiz                                                      

          Olivia
      Ruiz, President

    

    

    

    ACCEPTED
      AND AGREED TO BY:

    

    LAW
      OFFICES OF MICHAEL H. HOFFMAN, P.A.

    

    

    

    By:           /s/
      Michael H.
      Hoffman                                                                           

         Michael
      H. Hoffman, President

    

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    

    

    

     

    APPENDIX
      1

     

    NOTICE
      OF EXERCISE

     

    1.           The
      undersigned hereby elects to purchase ______________ shares of the common stock,
      no par value, of Anasazi Capital Corp., a Florida corporation, pursuant to
      the
      terms of the attached warrant, and tenders herewith payment of the purchase
      price of such shares in full.

     

    1.           The
      undersigned hereby elects to convert the attached warrant into shares of common
      stock, no par value, of Anasazi Capital Corp., in the manner specified in the
      warrant.  This conversion is exercised with respect to ______________
      of the shares covered by the warrant.

     

    [Strike
      paragraph that does not apply.]

     

    2.           Please
      issue a certificate or certificates representing said shares in the name of
      the
      undersigned or in such other name as is specified below:

     

    Law
      Offices of Michael H. Hoffman, P.A.

    

    3.           The
      undersigned represents it is acquiring the shares solely for its own account
      and
      not as a nominee for any other party and not with a view toward the resale
      or
      distribution thereof except in compliance with applicable securities
      laws.

     

    LAW
      OFFICES OF MICHAEL H. HOFFMAN, P.A.

    
 

    (Signature)

    (Date)

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    ANTI-DILUTION
      AGREEMENT

     

    This
      Anti-Dilution Agreement is entered
      into as of the 14th day of
      August,
      2007, by and between Law Offices of Michael H. Hoffman, P.A. (“Purchaser”) and
      Anasazi Capital Corp. (“the Company”).

     

    RECITALS

     

    A.           Concurrently
      with the execution of this Anti-Dilution Agreement, the Purchaser is purchasing
      from the Company a Warrant to Purchase Stock (the “Warrant”) pursuant to which
      Purchaser has the right to acquire from the Company the Shares (as defined
      in
      the Warrant).

     

    B.           By
      this Anti-Dilution Agreement, the Purchaser and the Company desire to set forth
      the adjustment in the number of Shares issuable upon exercise of the Warrant
      as
      a result of a Diluting Issuance (as defined below).

     

    C.           Capitalized
      terms used herein shall have the same meaning as set forth in the
      Warrant.

     

    NOW,
      THEREFORE, in consideration of the
      mutual promises, covenants and conditions hereinafter set forth, the parties
      hereto mutually agree as follows:

     

    1.           Definitions.
      As used in this Anti-Dilution Agreement, the following terms have the following
      respective meanings:

     

    (a)           “Option”
      means any right, option or warrant to subscribe for, purchase or otherwise
      acquire common stock or Convertible Securities.

     

    (b)           “Convertible
      Securities” means any evidences of indebtedness, shares of stock or other
      securities directly or indirectly convertible into or exchangeable for common
      stock.

     

    (c)           “Issue”
      means to grant, issue, sell, assume or fix a record date for determining persons
      entitled to receive any security (including Options), whichever of the foregoing
      is the first to occur.

     

    (d)           “Additional
      Common Shares” means all common stock (including reissued shares) Issued (or
      deemed to be issued pursuant to Section 2) after the date of the
      Warrant.

     

    2.           Deemed
      Issuance of Additional Common Shares.  The shares of common stock
      of the Company ultimately Issuable upon exercise of an Option (including the
      shares of common stock ultimately Issuable upon conversion or exercise of a
      Convertible Security Issuable pursuant to an Option) are deemed to be Issued
      when the Option is Issued. The shares of common stock of the Company ultimately
      Issuable upon conversion or exercise of a Convertible Security (other than
      a
      Convertible Security Issued pursuant to an Option) shall be deemed Issued upon
      Issuance of the Convertible Security. The maximum amount of common stock of
      the
      Company Issuable is determined without regard to any future adjustments
      permitted under the instrument creating the Options or Convertible
      Securities.

     

    3.           Anti-Dilution
      of Warrants and Warrant Shares for Diluting Issuances.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    3.1           Full
      Ratchet Adjustment.  If the Company issues Additional Common
      Shares after the date of the warrant (a “Diluting Issuance”), then the number of
      shares of common stock purchasable under this warrant shall be increased to
      that
      number of shares of Common Stock equal the relative percentage of the Company’s
      Shares issued and outstanding in effect immediately before such
      Issue.  (For example, the percentage of shares of common stock
      purchasable under this warrant on the Issue Date is equal to 4.9935%
      (262,800/5,262,800 = 4.9935%).  In the event that the Company issues
      1,000,000 Additional Common Shares, the number of shares of common stock
      purchasable under this warrant shall be increased to 312,733 (4.9935% x
      6,262,800 = 312,733).)  These full ratchet adjustment rights will
      continue in effect until two years from the date that all shares of the
      Company’s common stock purchasable under this warrant are registered under the
      Securities Act of 1933, as amended.  These full ratchet adjustment
      rights will not attach to any shares sold in open market transactions on a
      recognized national securities exchange, the Nasdaq National Market (or a
      similar national quotation system), the over-the-counter electronic bulletin
      board or the Pink Sheets.

     

    3.2           Securities
      Deemed Outstanding. For the purpose of this Section 3, all securities
      Issuable upon exercise of any outstanding Convertible Securities, Options or
      other rights to acquire securities of the Company shall be deemed to be
      outstanding.

     

    4.           General.

     

    4.1           Governing
      Law. This Anti-Dilution Agreement shall be governed in all respects by the
      laws of the State of Florida as such laws are applied to agreements between
      Florida residents entered into and to be performed entirely within the State
      of
      Florida.

     

    4.2           Successors
      and Assigns. Except as otherwise expressly provided herein, the provisions
      hereof shall inure to the benefit of, and be binding upon, the successors,
      assigns, heirs, executors and administrators of the parties hereto.

     

    4.3           Entire
      Agreement. Except as set forth below, this Anti-dilution Agreement and the
      other documents delivered pursuant hereto constitute the full and entire
      understanding and agreement between the parties with regard to the subjects
      hereof and thereof.

     

    4.4           Notices,
      etc. All notices and other communications required or permitted hereunder
      shall be in writing and shall be mailed by first class mail, postage prepaid,
      certified or registered mail, return receipt requested, addressed (a) if to
      Purchaser at Purchaser’s address as set forth below, or at such other address as
      Purchaser shall have furnished to the Company in writing, or (b) if to the
      Company, at the Company's address set forth below, or at such other address
      as
      the Company shall have furnished to the Purchaser in writing.

     

    4.5           Severability.
      In case any provision of this Anti-Dilution Agreement shall be invalid, illegal
      or unenforceable, the validity, legality and enforceability of the remaining
      provisions of this Anti-dilution Agreement shall not in any way be affected
      or
      impaired thereby.

     

    4.6           Titles
      and Subtitles. The titles of the sections and subsections of this Agreement
      are for convenience of reference only and are not to be considered in construing
      this Anti-Dilution Agreement.

     

    4.7           Counterparts.
      This Anti-Dilution Agreement may be executed in any number of counterparts,
      each
      of which shall be an original, but all of which together shall constitute one
      instrument.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    PURCHASER:                                                                           ISSUER:

    

    LAW
      OFFICES OF MICHAEL H. HOFFMAN,
      P.A.            ANASAZI
      CAPITAL CORP.

    

    

    

    By:           /s/
      Michael H.
      Hoffman                                            By:           /s/
      Olivia Ruiz

         Michael
      H. Hoffman,
      President                                                
Olivia Ruiz, President

    

    Address:                      926
      Michigan Avenue, Unit
      8              Address:                      701
      Scott Street

    Miami
      Beach,
      Florida  33139                                                         San
      Francisco, California 94117

    
      
        
        

      

      
        -12-

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