Re: Consulting Agreement between Kenneth C. Aldrich, William B. Adams and Pacgen Cell Co. [Lifeline Cell Technology]
Exhibit 10.18
March 1,, 2007
To: Xxxxxxx X. Xxxxxxx and Xxxxxxx X. Xxxxx
| Re: | Consulting Agreement between Xxxxxxx X. Xxxxxxx, Xxxxxxx X. Xxxxx and Pacgen Cell Co. [Lifeline Cell Technology] |
Dear Mr.’x. Xxxxxxx and Xxxxx,
At the International Stem Cell Corporation Board of Director’s meeting on November 17, 2006, we
discussed the management fees owed to Xx. Xxxxx and Xxxxxxx. Up to June 1, 2006, Lifeline Cell
Technology, LLC was accruing $10,000 per month in fees. From June 1, 2006 to November 1, 2006 the
amount was increased to $20,000 per month. Effective November 1, 2006 both Xx. Xxxxxxx and Xxxxx
entered into employment agreements with International Stem Cell Corporation. At that time the
accrual of additional fees are cancelled. It was further agreed that International Stem Cell
Corporation will continue to pay $20,000 per month until the remainder of the obligation is paid in
full. Interest will continue to accrue at 10% per annum until paid in full.
If you have any questions, please contact me.
With best regards,
/s/ Xxxxxxx X. Xxxxxxx
0000
Xxxxx Xxxxx, Xxxxxxxxx, XX 00000 • Tel: (000) 000-0000 •
Fax: (000) 000-0000 • xxxxxxxxxxxxxxxxxxxxx.xxx
