Exhibit 10.2
SECONDARY STORAGE AGREEMENT
This Agreement, by and between Safti-Cell, Inc., its successors or
assigns (SCI) and Stem Cell Preservation Technologies, Inc. (SCPT), witnesses
that:
Whereas SCPT is engaged in the business of preservation of adult stem
sells and preserves such cells at a primary storage location in Clearwater,
Florida, USA, and:
Whereas SCI is committed to building a future, state-of-the-art, secure,
fire-resistant, earthquake-resistant facilities for the storage of such cells,
now THEREFORE, upon receipt of $10.00 and other good and valuable consideration
which the parties hereby acknowledge, it is agreed that:
1. SCPT will deliver cryopreserved second units of cells, to SCI for
secondary, backup storage.
2. SCI will maintain the storage of such cells in a secure cryogenic
environment.
3. Payments to SCI from SCPT will be as follows:
A) If all SCPT clients are billed for secondary storage or if they
are provided secondary storage at no extra cost, SCI will store
secondary units at a cost of $10.00 per unit, per annum.
B) If secondary storage is offered to SCPT clients on an optional
basis, SCI will receive, in addition to the $10.00 noted in A)
above, 50% of the amount charged over $20.00 per unit, per
annum.
4. If retrieval of a unit of cells is required, the price that is
charged to SCI will first cover actual labor costs, plus 10% for
overhead. The parties will equally divide the retrieval fee.
5. Transportation costs for delivery of the back-up unit of cells will
be the responsibility of the client and/or its insurance provider.
6. If SCPT is sold, merged, or enters into a business combination with
any other company or entity, this agreement will be included and
accepted as a necessary part of any such sale, merger or business
combination between SCPT and such other company or entity.
7. The term of this agreement is for a period of 20 years, and may be
extended by mutual agreement of the parties.
8. During the term of this agreement and any extension thereof, SCPT
will receive 2% of all of SCI's net profits from secondary storage,
regardless of source.
Dated this 1/st/ day of October, 2001
Safti-Cell, Inc., its Stem Cell Preservation Technologies, Inc.
Successors or assigns
By: /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxx, President Xxxxxx X. Xxxxxxx, CEO, Chairman of the
Board of Directors
